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Chinese premier urges more aggressive fine-tuning measures (2)


09:18, July 09, 2012

The nation pared its gross domestic product (GDP) growth target for 2012 to 7.5 percent from 8 percent in March, in the face of a persistent slump in the United States and spreading debt woes in the EU.

While stressing the role of domestic demand in future growth, Wen said the government should earnestly implement consumption-boosting measures adopted lately to help drive growth.

Stabilizing investment currently plays a key role in expanding domestic demand and maintaining growth, the premier noted, adding that investment should be made in accordance with the national medium- and long-term development program and serve the needs of urbanization, economic restructuring and people's well-being.

Dragged down by lackluster external demand and government efforts to cool inflation, China's GDP growth slowed to an almost three-year low of 8.1 percent in the first quarter. Key economic indicators released lately showed further downward risks.

To buoy the economy, China has adopted a string of pro-growth measures, including lowering banks' reserve ratio to boost lending, subsidizing energy-saving household electrical appliances and speeding up approval for major construction projects.

In its latest move, the central bank cut the benchmark interest rate two times in a month, in a bid to inject liquidity into the market.

During two separate meetings with over 30 entrepreneurs and association heads on Saturday, Wen called for enterprises to step up innovation to cope with shrinking exports and rising production costs.

Miu Hangen, head of Chinese textile manufacturer Jiangsu Shenghong Group, said the biggest challenge for textile companies currently is dropping overseas demand, and suggested a tax reduction to relieve pressure.

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