China stresses 'targeted' economic control

Chinese Premier Li Keqiang, also a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee, addresses the nation's top academicians and scientists on economic situation in a conference in Beijing, capital of China, June 10, 2014. (Xinhua/Pang Xinglei)

China will attach greater importance to targeted control measures to keep economic growth in a proper range, Chinese Premier Li Keqiang said on Tuesday.

The country will focus on important issues in the economy, and make efforts to tackle them in a "precise, prompt and appropriate" manner, the premier said.

Meanwhile, presetting and fine-tuning economic policies will be carried out along with risk prevention, said the premier while addressing the nation's top academicians and scientists at a conference in Beijing.

Li said that the country will continue to innovate its macro-control ideologies, draw economic momentum from reforms and restructuring, and improve people's livelihoods.

Li acknowledged that the economy still faces heavy downward pressure and imbalanced regional development. The Chinese economy grew 7.4 percent year on year in the first quarter, marking the weakest pace in 18 months. The country aims for an annual growth rate of around 7.5 percent for 2014.

However, a growing consumption market at home and the processes of industrialization, informatization, urbanization and agricultural modernization boast great potentials, said the premier, adding the country will have the capabilities to maintain medium to high level of economic growth for a long period.

To achieve the goal, innovation is a must to drive growth toward better quality and greater efficiency, and lift the economy higher on the value chain.

The government will continue to beef up fiscal support, to encourage enterprises to concentrate more on research and development, the premier said.

Targeting support for agriculture and small companies, the central bank announced on Monday that it will cut the reserve requirement ratio by 0.5 percentage points for the banks engaged in proportionate lending to the farming sector or small and micro-sized enterprises, effective on June 16.