Is China already panicked to stimulus?

Advertisement

Here’s Premier Li Keqiang:

…it is necessary to coordinate the economic operation in the second half of this year and next year, and strive to keep it within a reasonable range. In view of the environmental changes at home and abroad and the needs of market players, we should maintain the continuity and stability of macro policies, insist on not engaging in “flood irrigation”, enhance forward-looking precision, strengthen interval control and give priority to employment. Our proactive fiscal policy and prudent monetary policy will continue to focus on supporting the real economy and promoting employment. The recent measures to cut the required reserve ratio should be structural, with greater emphasis on supporting micro, small and medium-sized enterprises and labor-intensive industries to help ease financing difficulties. We will support the use of local government special bonds and other funds to promote key construction such as major projects and basic livelihood projects and take comprehensive measures to ease the pressure of commodity price increase. We will continue to give full play to the role of small and medium-sized enterprises and individual industrial and commercial households in promoting socialized employment, expand employment channels for university graduates, provide more working opportunities for migrant workers, develop flexible employment, and strive to achieve full employment.

李克强指出,要统筹今年下半年和明年经济运行,着力保持在合理区间。针对国内外环境变化和市场主体需求,保持宏观政策连续性稳定性,坚持不搞“大水漫灌”,同时增强前瞻性精准性,加强区间调控,坚持就业优先。积极的财政政策、稳健的货币政策要继续聚焦支持实体经济和促进就业,近期实行的降准措施要体现结构性,更加注重支持中小微企业、劳动密集型行业,帮助缓解融资难题。支持用好地方政府专项债等资金,推进重大工程、基本民生项目等重点建设。综合施策缓解大宗商品价格上涨压力。继续发挥中小微企业、个体工商户促进社会化就业主力军作用,拓展大学毕业生等就业渠道,为农民工提供更多打工机会,发展灵活就业,努力实现比较充分的就业。

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.