According to Mr Ou Minggang deputy editor in chief of Chinese Banker magazine China should still be alert to the credit crisis starting in the United States more than one year ago that has afflicted the Chinese financial sector and export.

Mr Ou told Xinhua during an interview that domestic banks and other financial institutions bear the brunt of the widespread US subprime mortgage crisis, as those agencies' asset value and book earnings would dip to some extent. He said "Currently the impact on domestic financial institutions is still limited."

Mr Ou said "The crisis also made Chinese financial supervision regulators face up to the challenges of balancing financial innovation and risks, which requires them to push forward the reforms in the country's financial system in a more cautious manner. He added that the country should increase financial transfer payments to help low-income families to consume more and boost the consumption in the vast rural areas.

The International Monetary Fund said on April 8th 2008 that the recent financial turbulence triggered by the collapse of the US subprime mortgage market could cost the global financial system to the tune of USD 945 billion. IMF warned in its latest Global Financial Stability Report that "The global financial system has undoubtedly come under increasing strains since October 2007 and risks to financial stability remain elevated."

Experts suggested that Chinese exporters should upgrade their products mix and open new markets besides their traditional key markets in the United States and Europe.