China to stick to targeted easing in monetary policy: Premier Li Keqiang

China will continue leading a prudent monetary policy with focus on targeted easing measures, Premier Li Keqiang said, according to a statement published on a central government website. -- PHOTO: AFP
China will continue leading a prudent monetary policy with focus on targeted easing measures, Premier Li Keqiang said, according to a statement published on a central government website. -- PHOTO: AFP

BEIJING (REUTERS) - China will continue leading a prudent monetary policy with focus on targeted easing measures, Premier Li Keqiang said, according to a statement published on a central government website.

Addressing the State Council, China's cabinet, Mr Li said China over the past year had avoided stimulating its economy through quantitative easing. "In the current complex economic situation and the downward pressure, we still have to maintain concentration and adhere to a proactive fiscal policy and prudent monetary policy to stabilise market expectations," Mr Li said.

He added he was hopeful China's massive urbanisation drive would help fuel future economic growth.

The statement came as state-owned news agency Xinhua on Friday quoted the chairman of the China Construction Bank saying the central bank has issued 500 billion yuan (S$103.1 billion) worth of three-month loans to China's five biggest banks.