Saturday, May 24, 2014

Chinese Premier Says Economy Stabilized

BEIJING--Chinese Premier Li Keqiang said the country's economy has stabilized but still faces great downward pressure, state radio reported Friday.

On a visit to China's northern region of Inner Mongolia, Mr. Li also said financial institutions should make policy adjustments to help enterprises that are short of cash.

China's economic growth slowed to 7.4% year-over-year in the first quarter, down from 7.7% in the final quarter of last year.

The Chinese government this year has unveiled a number of economic support measures, including tax breaks to small businesses and investment in railways, to help spur growth.

Mr. Li said that governments at all levels should give priority to development, which could help limit economic and financial risks.

Grace Zhu

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