Li Keqiang: No Major Stimulus is Coming

iFeng: 李克强：不会为了过高增长目标而出台超大规模刺激措施

There are more than 160 million market entities in China, and the people are diligent and intelligent, which is the greatest resilience and confidence in economic development. In recent years, we have implemented macro policies in the face of the needs of market players, stabilized employment and increased residents' income by stabilizing market players. We will maintain the continuity and pertinence of macro policies, continue to focus on helping market players to relieve difficulties, and retain the "green hills" of economic development. Macroeconomic policies are both precise, powerful, and reasonable. We will not introduce super-large stimulus measures, over-issue money, or advance the future in order to achieve excessive growth goals. We must adhere to seeking truth from facts and do our best to strive for a better level of economic development throughout the year. There is still considerable room for a package of policies and measures to stabilize growth. The value-added tax refund has exceeded 1.8 trillion yuan in the first half of the year, and the continued implementation of the policy will further expand the actual scale of tax refunds; the actual use of local government special bonds, newly introduced The use of policy-based and developmental financial tools will effectively invest in more physical workloads and stimulate employment and consumption. We will continue to use reforms to boost momentum, deepen the reform of "delegating power, delegating power, improving regulation, and improving services", so as to stimulate market vitality and social creativity.

The global economy is slowing and financial conditions are tightening. China will not issue suicidal stimulus that could crater the financial system and currency while these conditions are ongoing.