Li calls for timely policy fine-tuning to ease pressure
Print Edition
CHINA’S economy still faces “relatively big” downward pressures and timely policy fine-tuning is needed, Premier Li Keqiang was quoted by state radio as saying yesterday.
China’s annual economic growth slowed to an 18-month low of 7.4 percent in the first quarter, raising the risk that China could miss its economic growth target, set at 7.5 percent in 2014, for the first time in 15 years.
“Currently, the economy is generally stable and we see positive structural changes, but downward pressures are still large and we cannot be complacent,” Li said during a visit to the Inner Mongolia Autonomous Region.
“We should use appropriate policy tools and preemptive fine-tuning in a timely and appropriate manner to help resolve financing strains for the real economy, especially small firms’ difficulties in financing and high borrowing costs,” he said.
The fine-tuning should help keep “reasonable growth” in money supply and bank credit, he said.
The government has been using targeted policy measures, including accelerated spending on railways and affordable housing and tax cuts for smaller firms, to bolster economic growth.
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