Government has no plans to use major stimulus measures
Print Edition
CHINA will not introduce major stimulus measures to boost the economy despite downward pressures, but will continue to fine-tune its policies to support growth, Premier Li Keqiang said yesterday.
The government will implement measures to maintain the steady operation of the economy, and ensure major economic indicators such as growth, employment and inflation are kept within reasonable ranges, Li told a news conference alongside German Chancellor Angela Merkel, who is visiting China.
Economic growth improved in the second quarter, but the prevailing downward pressure will not be taken lightly, he said.
Li’s remarks came ahead of the scheduled release on July 16 of the country’s second-quarter figures. GDP growth hit a six-quarter low of 7.4 percent in the first three months of the year.
British lender Barclays estimated China’s second-quarter GDP growth at 7.4 percent.
“We look for more signs of a continued growth recovery in the June data releases. We forecast improvement in both export and import growth. We look for above-consensus new loans for the second month in a row and strong total financing, given solid bond financing and the resumption of IPOs,” the investment bank said in an emailed report yesterday.
Li said the government will continue to strengthen its pre-tuning and fine-tuning policies, as well as implement targeted measures. He did not elaborate.
China can keep its economic growth within a reasonable range, Li said, though warned against the risk of a slowdown, saying the country cannot be complacent on the issue.
The government will continue to stimulate the market, especially with regard to financing for small businesses and reducing red tape, he said, adding that this will help to improve the efficiency of supply.
“We have the right conditions and capabilities to keep the Chinese economy running within a reasonable range and to achieve our full-year goals with respect to growth,” the premier said.
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