- China needs to maintain GDP growth of 7.2% in order to create 10M jobs a year and prevent the urban unemployment rate from exceeding 4%, Premier Li Keqiang has said.
- However, Li warned that the government couldn't further loosen policy, especially with the M2 money supply twice the size of GDP at 100T yuan. "To print more money may lead to inflation," Li said.
- He reiterated that China remains on course to achieve it 2013 growth target of 7.5%, although he cautioned that weak exports are a risk.
- The People's Bank of China has also warned about inflation, saying that "upwards pressure on prices still exists," and that the foundation for price stability is "not solid."
- The PBOC said it will look to rein in speculative property demand, while it expects China's economy to undergo a long deleveraging process.
- The Shanghai composite rose 0.35%.
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China's Li: GDP needs to grow a minimum of 7.2%.
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