China's vice finance minister says no need for economic stimulus

BEIJING Tue Aug 27, 2013 8:28am IST

China's Vice Finance Minister Zhu Guangyao addresses the media during a news conference at a hotel in Los Cabos June 17, 2012. REUTERS/Stringer/Files

China's Vice Finance Minister Zhu Guangyao addresses the media during a news conference at a hotel in Los Cabos June 17, 2012.

Credit: Reuters/Stringer/Files

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BEIJING (Reuters) - China's Vice Finance Minister Zhu Guangyao said there was no need for the government to stimulate the world's No. 2 economy, saying on Tuesday that growth can instead be supported through structural adjustments.

Zhu said while China faced a severe economic environment at home and abroad, it would keep economic policies stable.

Speaking at a briefing ahead of G20 meeting in Russia next week, he said the United States must consider when and how fast it moderates its ultra-loose monetary policy.

Central Bank Deputy Governor Yi Gang said the issue of how nations would cope as developed economies tighten their monetary policy would be a focus at the G20 meeting.

"On monetary policy, the focal point (of G20) will be on how to minimize the external impact when major developed countries exit or gradually exit quantitative easing, especially causing volatile capital flows in emerging markets and putting pressures on emerging-market currencies," Yi said. (Reporting by Kevin Yao; Editing by John Mair)

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