China’s premier urges ‘objective’ understanding of the economy
(Corrects Q2 GDP release date in paragraph 2 to Wednesday, not next week)
BEIJING, July 13 (Reuters) – Chinese Premier Li Qiang on Monday called for a “comprehensive and objective understanding” of the current economic situation and stronger countercyclical regulation, state broadcaster CCTV reported, amid signs that economic momentum is slowing.
The government will release second-quarter GDP data on Wednesday. Analysts surveyed by Reuters expect China’s growth to slow to 4.5% in the second quarter from 5% in January-March, putting it at the lower end of Beijing’s official 4.5%-5% full-year target.
“It is important to approach the current economic situation from a comprehensive and objective perspective, remaining open-minded about the problems and fully acknowledging the achievements,” Li said in a meeting with experts and entrepreneurs. he said.
Li also emphasized that doing a good job in economic work in the second half of the year is crucial to achieving this year’s economic goals, and called for maintaining strategic resolve to maintain high-quality development.
He said China should step up countercyclical regulations, make full and effective use of existing policies, and study and prepare additional measures in advance to consolidate economic momentum.
Investors are closely watching the Politburo meeting, expected in late July, for clues about new stimulus that could shape policy for the rest of the year. But analysts do not expect aggressive action unless growth slows more sharply.
Li said the economic work in the second half of the year is directly linked to achieving the annual growth target and called for stabilizing employment and unleashing domestic demand potential, according to a transcript of the meeting published by CCTV.
(Reporting by Yukun Zhang and Kevin Yao; Editing by Alison Williams)
