China says economy stabilising after long slowdown, should hit 7.5% target
BEIJING (AP) - China's government tried on Monday to reassure companies and its public about the economy's health, saying growth is stabilising after a lengthy decline and should hit the official target of 7.5 per cent for the year.
The announcement by the chief spokesman for the Cabinet's statistics agency was part of official efforts to defuse unease about the country's deepest slump since the 2008 global crisis.
"There are growing signs of stabilisation and also of further growth," said Mr Sheng Laiyun at a news briefing. "We are confident we can hit our full-year growth target."
He gave no updated data but cited previously released figures that showed industrial production and other parts of the economy improved in July.