China to take targeted steps to boost economy, says Premier Li
By Bloomberg
China is capable and confident it can prevent regional or systemic risks and will take targeted measures to help the economy, Premier Li Keqiang said, according to a statement on the central cabinet’s website.
“China’s economy is in a reasonable range and many indicators show signs of improvement this year,” the State Council statement cited Li as saying at a meeting with regional officials on Thursday.
The nation will act to expand effective investment, fine- tune economic policies when needed, and promote the transparent, stable and healthy development of capital and currency markets, Li said.
His comments come as China struggles to control volatility in an equity market that plunged 32 percent in the month through July 8 before rising 10 percent in the past two days. Measures to support shares include a ban on stockholders and executives from selling stakes in listed companies for six months, an order for companies to buy equities and an investigation into short- selling.
In the first quarter of this year, China’s economy expanded at the weakest pace since 2009, with output, investment and retail data pointing to a deepening slowdown.
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