September 19, 2018 / 3:41 AM / a month ago

Maintaining China's steady growth increasingly difficult - Premier Li

TIANJIN, China (Reuters) - Maintaining China’s steady growth is increasingly difficult amid significant changes in the external environment, but China will not resort to massive stimulus, Premier Li Keqiang said on Wednesday.

China's Premier Li Keqiang speaks during a news conference in Beijing, China, August, 20, 2018. How Hwee Young/Pool via REUTERS

China has ample policy tools to cope with difficulties and challenges, and it will keep macro-economic policies steady, Li said in a speech at the World Economic Forum in Tianjin.

China will not engage in competitive currency devaluation and will not weaken the yuan to boost exports, Li said.

Reducing taxes and fees will be the focus of China’s more pro-active fiscal policy and easing funding difficulties for firms will also be key while keeping monetary policy prudent and liquidity reasonably ample, he said.

Li also said China will widen market access for foreign companies and ensure fair competition.

Reporting by Kevin Yao; Writing by Ryan Woo; Editing by Kim Coghill

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