China still has more tools to bolster its economic growth, Premier Li Keqiang said Sunday.
“The good news is that in the past couple of years we did not resort to massive stimulus measures for economic growth,” Li said at a press conference after the conclusion of the annual parliamentary session.
But the government has more policy measures at its disposal, he added. If the slowdown in growth affects employment and incomes, then the government would resort to more measures.
The government lowered its 2015 growth target to about 7 percent. Li said achieving even this target will not be easy.
In the last four months, the People’s Bank of China unleashed two interest rate reductions and lowered reserve requirements to cushion the economic growth.
The economy expanded 7.4 percent in 2014, which was the weakest expansion since 1990. The International Monetary Fund expects China to grow only 6.8 percent in 2015 and 6.3 percent next year.
The material has been provided by InstaForex Company – www.instaforex.com