The head of China’s Industrial & Commercial Bank said that the current global financial crisis is driving down demand for exports from China, and threatening the country’s economic growth. Mr Jiang Jianqing, president and chairman of ICBC, said that China’s export-driven economy was already starting to suffer the impact of lower exports, particularly in steel, coal and power. Jiang added that Chinese government will have to increase its spending on social programs such as social security, health care and education in order to stimulate the country’s economic growth
