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Innovative micro-measures pep up growth in China

(Xinhua) Updated: 2014-04-12 14:33

BEIJING -- With a focus on long-term development, China is trying to bolster growth with micro-measures and innovative reform initiatives, instead of short-term stimulus policies.

As Premier Li Keqiang stressed on Thursday, China would pay more attention to sound economic development in the

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medium and long term.

"We will not resort to short-term massive stimulus policies just because of temporary economic fluctuations," the premier said in a keynote speech at the opening ceremony of the 2014 Boao Forum for Asia.

Li also expressed confidence that the country can keep its economy functioning within the proper range.

"With all the principles established and policy options at our disposal, we can handle all possible risks and challenges. China's development has strong resilience."

Daniel Gros, director of the Brussels-based Center for European Policy Studies, said he agreed with Li about China's economy, which is ushering in a new stage of quality and efficient development.

He said China's growth model has undergone visible changes since last year when a blueprint for comprehensive reforms was unveiled, and its economic upgrade and transformation, especially in the service and consumption areas, would bring opportunities to other nations.

Li's remarks came after a State Council meeting last week that unveiled a set of supportive policies, including tax cuts for small businesses, shanty-town renovation and railway construction projects.

Rather than being seen as stimulus policies, it is believed that these measures will stabilize growth by enhancing economic efficiency while avoiding future financial troubles.

Analysts and observers pointed out that one distinct characteristic of this round of supportive measures is to replace traditional, large-scale macro-regulations with creative micro-measures that focus on specific areas and industries.

And they said the government is optimistic about the country's economic conditions as the documents released by the State Council did not mention any stimulus measures.

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