Premier Zhu Rongji yesterday defended his legacy of reforms, saying his financial policies had saved the economy from disaster.
'If we had not practised this fiscal and steady monetary policies, China's economy would have collapsed,' he said.
However, the Premier, who has one year left to serve, declined to answer questions about his successor.
He said he had 'basically fulfilled' the tasks he started four years ago, adding he was 'proud of the unprecedentedly rapid development of the Chinese economy' over the years as a result of the spending spree on infrastructure projects.
Over the past four years, Beijing has issued 510 billion yuan (HK$481 billion) worth of state treasury bonds and directed banks to invest two trillion yuan on railways, expressways, power stations, and the telecommunications industry.
Mr Zhu, 74, talked more about his past achievements than the future, suggesting he was preparing to bow out.
He rejected a Hong Kong media report which called him the 'deficit Premier' because he had vastly increased government debts. 'I can never accept that title,' he said, arguing the deficit was manageable and his infrastructure spending had left the next government not only with debts but also 2.5 trillion yuan worth of 'quality assets'.
