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Wen pledges fine-tuning to keep economy strong (2)

By Zi Chen (Shanghai Daily)

08:13, October 26, 2011

In response, Wen said that China should take measures such as "structural tax cuts" and public housing construction to promote stable economic growth. He added that a major lesson of the 2008 global financial crisis is that countries should focus on developing their real economies.

"By focusing on developing its real economy, China can cut its exposure to financial bubbles and fluctuations in international markets," Wen said. "China should focus on boosting innovation. Start-up firms with innovative ideas should have their taxes cut."

China's inflation eased for a second straight month in September, making way for a possible adjustment in policies supportive of growth, analysts said. The central bank has lifted benchmark interest rates five times since last October.

The Consumer Price Index increased 6.1 percent from a year earlier last month. That was down from August's 6.2 percent and the 37-month high of 6.5 percent in July.

"The Premier's comments indicate further tightening may be put on hold, though an across-the-board policy easing is impossible at this moment," said Liu Yu, an Orient Securities Co trader. "We can expect more pro-growth policies in the next few months."

Gross domestic product expanded 9.1 percent from a year earlier between July and September, compared with 9.5 percent in the second quarter. But new bank lending in September dropped to its lowest level in 21 months, down to 470 billion yuan (US$73.8 billion).

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