BEIJING, July 13 (Reuters) – Chinese Premier Li Qiang called on Monday for “a comprehensive and objective understanding” of the current economic situation and for a stronger counter-cyclical adjustment, state broadcaster CCTV reported, amid signs of slowing economic momentum.
The government is due to release second-quarter GDP data next week. Analysts polled by Reuters expect China’s growth to slow to 4.5% in the second quarter from 5% in January-March, putting it at the lower end of Beijing’s official 4.5%-5% full-year target.
“It is important to take a comprehensive and objective view of the current economic situation – fully recognising the achievements made while remaining clear-eyed about the problems,” Li was quoted as saying during a meeting with experts and entrepreneurs.
Li also stressed that doing a good job of economic work in the second half of the year was crucial to meeting this year’s economic targets, and called for maintaining strategic resolve in pursuing high-quality development.
He said China should step up counter-cyclical adjustment, make full and effective use of existing policies, and study and prepare additional measures in advance to consolidate economic momentum.
Investors are closely watching an expected late-July Politburo meeting for clues on fresh stimulus that could shape policy for the rest of the year. But analysts expect no aggressive action unless growth slows more sharply.
Li said economic work in the second half of the year was directly linked to achieving the annual growth target, and called for stabilising employment and releasing the potential for domestic demand, according to a meeting readout aired by CCTV.
(Reporting by Yukun Zhang and Kevin Yao; Editing by Alison Williams)
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