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

An investor rests at a securities company in Changchun of Jilin Province, China. (China Photos, Getty Images)
An investor rests at a securities company in Changchun of Jilin Province, China. (China Photos, Getty Images)
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Updated: 7/09 8:49 am

BEIJING (AP) — China's finance minister says 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 Wednesday that leaders are satisfied with the country's economic performance so far this year and said in the first five months China had created up to 6 million jobs.

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.

 

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