China's Premier Li: Will not resort to competitive currency devaluation
|Adding to his earlier comments, China's Premier Li Keqiang said that the global economy could face downward pressure but China has many policy tools to overcome difficulties.
Key quotes:
• Says that China opposes unilateralism and protectionism.
• There are growing doubts in some parts of the world about free trade.
• China's economy faces downward pressure.
• But China has many policy tools to overcome difficulties.
• China will not resort to forceful stimulus.
• Will implement proactive fiscal policy and push forward with tax cuts.
• Monetary policy will consider funding difficulties faced by small firms.
• China will not resort to competitive currency devaluation.
• China able to keep Yuan basically stable.
• China will implement tax cuts on a larger scale.
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