China has no plan to introduce stimulus measures on the scale deployed during the global financial crisis to counter this yearâ€™s economic slowdown, the official Xinhua News Agency reported.
â€œThe Chinese governmentâ€™s intention is very clear: It will not roll out another massive stimulus plan to seek high economic growth,â€ Xinhua said today in the seventh paragraph of a Chinese-language article on economic policy, without attributing the information. â€œThe current efforts for stabilizing growth will not repeat the old way of three years ago.â€
Premier Wen Jiabao last week called for a greater focus on growth in the worldâ€™s second-largest economy, spurring speculation the nation would step up measures to boost expansion thatâ€™s set to slow for a sixth straight quarter. The benchmark Shanghai Composite Index has gained 1.7 percent since the comments were published May 20.
The tilt toward supporting expansion followed data showing trade below forecasts in April and industrial production rising the least since 2009. Europeâ€™s debt crisis and austerity measures are threatening exports.
The Xinhua article made no mention of central bank tools including interest rates and the reserve-requirement ratio, previously used to bolster growth. It carried the byline of two reporters and wasnâ€™t labeled as opinion or commentary.
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