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Despite tighter global cash liquidity, China's monetary authority feels more confident in its decision to fine-tune rules making it easier for some commercial banks to lend to small businesses and rural borrowers, thanks in part to strong expectations for the economy, a senior central bank official told China Daily in an exclusive interview.

Dominguez was referring to the two bridge projects that will help ease traffic in Metro Manila, the Binondo-Intramuros and Estrella-Pantaleon Bridges being implemented by the Department of Public Works and Highways (DPWH) of the Philippines with the grant of .13 million from China.

Despite the slowdown in economic growth, there are still internal drivers for economic growth and housing prices still have some support, the report said.

Difficult start

Despite the still strong growth prospects, analysts agreed that China needs to tackle challenges such as a piling up of debt, especially corporate and local government debt, and the rebalancing of the economic structure.