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China rules out strong economic stimulus

2014-04-24 07:45 Xinhua Web Editor: qindexing

China will not roll out short-term economic stimulus measures because of an economic slowdown, the country's top economic planning body said on Wednesday.

"If China's economic growth and employment do not break the bottom line and inflation growth does not exceed the upper limit, our macro-control policies will not change," said Li Pumin, secretary-general of the National Development and Reform Commission.

China's economy slowed to a six-quarter low of 7.4 percent in the January-March period this year, down from 7.7 percent in the fourth quarter of 2013.

Li said that despite the slowdown, major economic indicators were all within range, adding multiple factors which have newly emerged will continue to ensure stable and healthy growth in the longer term.

"The nation's comprehensive reform-deepening efforts will inject new vitality to economic development. Domestic demand will rise amid simultaneous processes in industrialization, informatization, urbanization, and agricultural modernization," he said at a press conference.

Meanwhile, the Chinese government has nurtured expertise since last year in innovating macro-control methods and successfully coping with downside pressure in the economy, according to Li.

"From these aspects, we are fully capable, confident, and resourceful in maintaining stable and healthy economic growth in the longer term," Li said.

The Chinese government has set a growth target of around 7.5 percent for 2014.

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