China pledges to keep stable policies
Print Edition
China will maintain stable macro-economic policies and refrain from any stimulus measures, a senior Chinese official said yesterday, but he urged the United States to study very carefully the timing of an exit from its economic stimulus.
“China has been sustaining a healthy growth momentum despite all the challenges from external and within,” Vice Finance Minister Zhu Guangyao said at a briefing ahead of the Group of 20 leaders’ summit in St Petersburg, Russia, on September 5 and 6. President Xi Jinping will attend the summit.
“China will refrain from providing stimulus. Instead, we will quicken structural adjustments such as dealing with manufacturing overcapacity ... and we are on track to achieve the growth rate of around 7.5 percent — in line with the government target,” Zhu said.
Profit growth at China’s industrial companies accelerated to 11.6 percent in July from June’s 6.3 percent, the latest sign the world’s second-largest economy is stabilizing amid the recovery in demand at home and abroad, the National Bureau of Statistics said yesterday.
The signs of a growing economy have been evident in the past two months as data for trade, industrial production, fixed-asset investment and retail sales in July all turned out to be better than expected.
Zhu also urged the US to consider more carefully over when and how fast it should unwind its economic stimulus known as quantitative easing.
“It should avoid harming emerging economies,” Zhu said. “The US, the main currency issuing country, must consider the spill-over effect of its monetary polices,” especially the timing and speed of the exit from the ultra-loose monetary policies.
It was reported that economies from Brazil to Indonesia have struggled to cope with capital flight as US interest rates rise ahead of an expected tapering of the US Federal Reserve’s bond buying program that funneled liquidity across the world.
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