Wen Says China to Keep Policies as Recovery Uncertain

From Bloomberg:

Chinese Premier said the government will maintain its fiscal and monetary policies as the economic recovery isn’t stable yet and faces many “uncertainties.”

Authorities can’t be “blindly” optimistic as a “decline in external demand may continue for a longer time” and excess production capacity may restrain industrial growth, Wen was quoted as saying on the government’s official Web site today.

China has yet to cement a recovery as factories have too much capacity and exports are weakening, officials said this month. China is using a 4 trillion yuan ($586 billion) government stimulus plan to help revive growth. The central bank scrapped lending quotas in November and has kept interest rates at a four-year low, triggering an explosion in credit.

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