Breaking News Bar
updated: 7/9/2014 9:11 AM

China says it's up to U.S. to drive global economy

hello
Success - Article sent! close
  • Chinese hostesses prepare tea for U.S. Secretary of State John Kerry and Chinese President Xi Jinping before the opening ceremony of the sixth U.S.-China. Strategic and Economic Dialogue and the fifth round of the China-U.S. High Level Consultation on People-to-People Exchange.

      Chinese hostesses prepare tea for U.S. Secretary of State John Kerry and Chinese President Xi Jinping before the opening ceremony of the sixth U.S.-China. Strategic and Economic Dialogue and the fifth round of the China-U.S. High Level Consultation on People-to-People Exchange.
    Associated Press

 
Associated Press

BEIJING -- China's finance minister said Wednesday that the country is not planning any new stimulus measures and it is up to the United States to drive the global economy.

Lou Jiwei said that leaders are satisfied with the country's economic performance so far this year and that in the first five months China had created up to 6 million jobs, 60 percent of this year's target.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Analysts say the ruling party appears willing to accept economic growth below its 7.5 percent target this year so long as the rate of creation of new jobs stays high enough to avoid political tensions.

Lou said China is emphasizing structural reforms to spur economic growth and is unlikely to repeat the kind of massive economic stimulus it did in the wake of the 2008 global financial crisis.

"Therefore the global economic recovery depends on the situation in the United States," he told reporters at a briefing on the sidelines of an annual U.S.-China strategic and economic dialogue in Beijing attended by U.S. Treasury Secretary Jacob Lew.

Lou pointed out that the U.S. economy shrank at a 2.9 percent annual rate from January to March -- largely because of a brutal winter -- and said China hopes the U.S. "can take measures to ensure the momentum of growth."

He also said China hopes the U.S. can rebalance its economy by encouraging Americans to save more.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here