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Chinese Premier says downward pressure on economy
May 25, 2014, 6:37 am

Fishermen catch crayfish at Longquan Lake in Xuyi County, east China's Jiangsu Province, May 15, 2014 [Xinhua]

Fishermen catch crayfish at Longquan Lake in Xuyi County, east China’s Jiangsu Province, May 15, 2014 [Xinhua]

Premier Li Keqiang said on Saturday warned against complacency about the downward pressure on the Chinese economy.

China’s state broadcaster, CNTV, quoted Li as saying that some policy fine-tuning could support “reasonable growth” in the financial sector.

Global ratings firm Moody’s said in a report published on Saturday that a series of new guiding principles for capital market development unveiled by the State Council (Chinese Cabinet) this month will have profound impact on the country’s long-term economic growth.

The Chinese Cabinet’s plans for new reforms, opening up, regulation of China’s capital market will have a profound impact on long-term economic growth, Moody’s country manager for China Jenny Shi said in the report.

The Cabinet has outlined a package of spending on railways and housing and tax relief to support growth and pledged extra efforts to aid exporters.

China clocked a growth of 7.4 per cent in the first quarter of 2014.

Earlier this week, Chinese Central Bank governor Zhou Xiaochuan said China’s slowdown is manageable.

“I think this is manageable slowdown. We have come into a new stage where we emphasise more on structural changes, economic reform and having much better environmental protection,” said Zhou.