Belfast Telegraph

Recovery depends on the United States, says China

China's finance minister has said 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 leaders were satisfied with the country's economic performance so far this year and in the first five months China has created up to six million jobs, 60% of this year's target.

Analysts said the ruling party appears willing to accept economic growth below its 7.5% target this year as long as the rate of job creation stays high enough to avoid political tensions.

Mr Lou said China, the world's second-largest economy after the US, is emphasising structural reforms to spur economic growth and is unlikely to repeat the massive economic stimulus used in the wake of the 2008 financial crisis.

"Therefore, the global economic recovery depends on the situation in the United States," he said during an annual US-China strategic and economic dialogue in Beijing. Mr Lou pointed out that the US economy shrank at a 2.9% annual rate from January to March – largely because of a brutal winter – and said China hopes the US "can take measures to ensure the momentum of growth".

Belfast Telegraph