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Business News
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China's economic woes could continue for 'some time', warns premier Jiabao
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Posted online: Monday, July 16, 2012 at 11:41:46 AM
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Beijing, July 16 : Chinese premier Wen Jiabao has warned that the country's economic woes could continue for 'some time'.
Jiabao's warning has raised fears that the world's second largest economy is heading towards a 'hard landing'.
According to The Telegraph, Jiabao described China's challenges as 'serious' and 'complex', and called for greater efforts to strengthen the economic growth.
'"The economic growth rate is still within the government target range set early this year, and stabilisation policies are working," Jiabao said.
"However, we also need to be sober, and see that the economic rebound is not yet stable and economic hardship may continue for some time" he added.
Jiabao said that the government will prioritize job creation and provide financial aid and tax breaks to companies suffering from slowing exports due to sinking overseas demand.
Jiabao's comments came as China slashed taxes on foreign companies' profits taken out of the country by up to 50 percent as part of efforts to attract more investment.
Source-ANI
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