China unlikely to initiate massive stimulus, FinMin says
2013-07-17 17:37:45
China will not adopt any massive fiscal stimulus this year, Finance Minister Lou Jiwei said according to a statement published on the ministry's website.
The nation will fine-tune its policies to promote growth and employment, he told U.S. officials in Washington on July 11.
China's official news agency Xinhua last week quoted Lou as saying that the economy may grow at a rate of 7 percent this year.
The agency later amended the report on Lou to say there is no doubt that China can achieve this year's growth target of 7.5 percent.
Official data this week revealed that China's economy expanded 7.5 percent year-on-year in the second quarter, weaker than 7.7 percent growth in the first quarter amid slower gains in industrial output and investment.
Premier Li Keqiang on Tuesday said that China must avoid sharp economic fluctuations. Li said the authorities must keep economic growth, employment and inflation within limits.