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Premier highlights economic restructuring

By DING QINGFEN (China Daily)

08:05, July 17, 2013

Chinese Premier Li Keqiang presides over a conference about the country's current economic situation in Beijing, capital of China, July 16, 2013. (Xinhua/Liu Jiansheng)

Li confident of keeping nation's development at reasonable level

Premier Li Keqiang pledged on Tuesday to push ahead with economic restructuring while maintaining stable growth.

"We should not shift our policy orientation just because of temporary changes in economic indicators," he said at a meeting with economists and corporate leaders.

He made the remarks as figures show the economy is growing at its slowest pace in a decade.

Economic restructuring is aimed at turning export- and investment-led growth into growth driven by domestic consumption.

The National Bureau of Statistics said on Monday the economy expanded by only 7.5 percent in the second quarter, down from 7.7 percent in the first — a far cry from nearly double-digit growth two years ago

Li said the economy has entered a new stage of development that prioritizes restructuring and technological upgrading.

The focus of macroeconomic control is to avoid big swings in the economy and to keep growth within a reasonable range through stable growth, adequate employment and low inflation, he said.

Li said China is capable of achieving its growth target of 7.5 percent this year without a massive stimulus program similar to the one launched during the 2008-09 global financial crisis.

The Central Economic Work Conference late last year set a goal for inflation this year of 3.5 percent, with a registered urban unemployment rate of below 4.6 percent.

"We are confident and capable of accomplishing the tasks given the current conditions," Li said, adding that it will require painstaking efforts.

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