Li urges officials to meet growth targets

Li: Pledging to support economic growth with more targeted easing measures at an appropriate time.

Dow Jones/Beijing

 Chinese Premier Li Keqiang yesterday urged the country’s senior officials to meet this year’s economic growth targets, while pledging to provide more policy support if needed.

The government plans to launch a series of investment projects by year-end in sectors including water, environmental protection and information technology, according to a statement on the central government website.

While meeting with members of the State Council, or cabinet, the premier said the leadership would strengthen efforts to monitor senior officials’ progress towards meeting the growth targets and would hold them accountable should they fail to do so.

Li and other top officials have said that they would tolerate slower economic growth as along as the economy creates a sufficient number of jobs. But recent weak economic indicators, along with a prolonged property downturn, have led economists to worry that Beijing could miss this year’s economic growth target of around 7.5%. The Chinese economy expanded 7.4% in the first half of the year and economists are forecasting slower growth for the third quarter.

The premier also pledged to use fiscal and monetary policy in a flexible manner and support economic growth with more targeted easing measures at an “appropriate time.”

In a separate statement released yesterday, the cabinet said authorities would further cut red tape for investment approval. Also, the number of projects requiring central government approval would be reduced by 40% this year from last year, the State Council said.