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Business

China premier allays growth fears

China's premier Wen Jiabao has promised to take fiscal and monetary measures to boost China's sluggish economy. Despite China's lacklustre economic outlook, the country's leader insists China will meet growth targets.

China's economy was showing "signs of stabilizing" and might still reach the government target of 7.5 percent growth in 2012, the Asian country's premier Wen Jiabao said Tuesday.

Despite a slowdown in growth as a result of a global economic downturn, Chinese economic expansion was still "within the target range" set at the beginning of the year, Wen said in a speech to the World Economic Forum, presently meeting in the Chinese city of Tianjin.

In Chinese efforts to boost the economy, Wen said there was "room for more cuts" in the country's interest rates, as well as in the amount of funds banks must keep in reserve. The two monetary policy measures have already been used by Beijing to stimulate the economy through enlarged money supply.

In addition, the Chinese premier said there were plans to "bring the potential for domestic demand into maximum play," suggesting tax cuts for consumers and support for private sector investment.

Last week, Chinese media said that a massive infrastructure package worth more than 1.0 trillion yuan (123.1 billion euros) was in the pipeline waiting to be announced by the government.

However, the Chinese leader also urged the industrialized countries to "better coordinate" macro-economic policies, including efforts to oppose trade and investment protectionism.

uhe (AFP, dpa)