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China Cabinet vows further reforms
October 21, 2013, 8:57 am

[AP]

Growth in the first nine months of the year stood at 7.7 per cent [AP]

Chinese Premier Li Keqiang has said there should be “no slackening” in carrying out policies that ensure growth targets are met in the Asian nation.

The premier was presiding over a Cabinet meeting which promised to further promote reforms and restructure the country’s economy.

Li urged urged officials on Friday to keep up the pace of reform implementation and reiterated that the policy focus will not be changed.

“The State Council has introduced various measures, such as to streamline administration and delegate powers to lower levels, to facilitate trade and investment and to free interest rates, while not expanding deficits, not loosening or tightening money supply”, said a statement released after the executive meet.

China showed signs of an economic rebound in the third quarter, which according to analysts in Beijing is closely related with a series of policies introduced by the government this year.

The nation’s gross domestic product growth accelerated to 7.8 per cent in the third quarter, up from 7.5 per cent in the second quarter, China’s National Bureau of Statistics (NBS) announced on Friday.

Growth in the first nine months of the year stood at 7.7 per cent, above the government’s full-year target of 7.5 per cent.

The premier said last week in Brunei that China is on track to achieve its GDP target.

Source: Agencies

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