Premier Li Keqiang pledges major projects, policy tweaks
Beijing said to be weighing nod for non-banks to trade in interbank foreign exchange market
Beijing will launch major investment projects in information networks, water conservancy and environmental protection this year, Premier Li Keqiang said yesterday.
Fiscal and monetary policies would be kept flexible and appropriate "targeted" adjustments made when needed to support the real economy, Li said at a meeting with cabinet officials.
His remarks were published on a government website and no further details about the planned projects were given.
The economy has had a rough time this year as unsteady exports, weaker domestic investment growth and a softening property market all weighed on activity. Li said the downward pressure on the economy was a global problem, and was not just confined to China.
"We should be confident in the fundamentals of China's long-term growth and take into full consideration difficulties and challenges," Li said.
To ensure the economy grows by about 7.5 per cent this year, as the government hopes, the authorities have taken several measures, such as reducing the amount of deposits that some banks have to hold as reserves, to boost lending.
Last week, policymakers took their boldest action yet to lift the economy by lowering mortgage rates and down-payment levels for some homebuyers for the first time since the global financial crisis of 2008.