Greenspan commends China's economic reforms

RIYADH, Feb. 26 (Xinhua) -- Former U.S. Federal Reserve Chairman Alan Greenspan expressed his appreciation for China's experience in economic reforms and investment promotion, local media said Tuesday.

Greenspan, at the ninth Jeddah Economic Forum in the Red Sea port city of Saudi Arabia's Jeddah Monday, said the rapid development of China's economy is mainly due to the country's gradual and diversified economic reforms, its ability to attract and use foreign investment, and the healthy interaction between state-owned and private enterprises.

Those measures and factors have prevented turbulence in China's society, he added.

Greenspan, who had been running the U.S. Federal Reserve from August 1987 to early 2006, said the ups and downs of oil prices on the international market are caused by the imbalance of oil production and consumption, adding it is necessary to use oil reserves to reduce the imbalance now.

The ninth Jeddah Economic Forum, held from Saturday to Tuesday, aims at finding ways to boost economy in Saudi Arabia and the Middle East.