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Premier warns of economic slowdown

Jul 08 2012 14:07
Sapa-AP

Beijing - Premier Wen Jiabao says China's economy faces huge pressure to slow further despite stimulus measures. Wen's remarks damp hopes for a quick recovery from the country's deepest slump since the 2008 global financial crisis.

Companies and investors are closely watching the world's second-largest economy for signs of a further slowdown which could have global repercussions by hurting Chinese demand for goods from the United States, Europe and other struggling economies.

State media said Sunday that Wen promised to "fine-tune" the country's economic policies, but no details or new initiatives were reported. Wen said the government will press ahead with tax changes that would reduce the burden on many taxpayers, but gave no timetable.

Growth fell to a nearly three-year low of 8.1 percent in the first quarter.

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