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Wen pledges fine-tuning to keep economy strong

By Zi Chen (Shanghai Daily)

08:12, October 26, 2011

Chinese Premier Wen Jiabao said yesterday that the government will "fine-tune" its macroeconomic policies and maintain "reasonable" credit growth after economic expansion slows and inflation eases.

The comments indicated the authorities may temporarily stop further tightening, such as hikes in interest rates. But an immediate policy easing in all sectors is unlikely to prevent a rebound in inflation, market watchers said.

"We will fine-tune our policy at an appropriate time and by an appropriate degree," Wen told an economic summit in Tianjin, which was attended by top government officials from the municipality, Inner Mongolia Autonomous Region, Shandong and Jiangsu provinces.

Although still stressing the importance of controlling inflation, Wen noted that lending growth should be sustained to "focus on developing the real economy," while policies must reflect "the changing trend of the economic growth."

At the summit, provincial government officials and company executives expressed concerns that capital-strapped small firms in China are facing pressure from slowing exports and tight bank lending, in addition to higher raw material prices.

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