The State Council, China’s cabinet, said it would ahere to the current and fiscal monetary policies and detailed eight additional measures aimed at bolstering the economy, the South China Morning Post reported. The announcement followed the release of economic data that showed slowing economic growth in China. The measures lay out a range of broad objectives including the boosting of fixed-asset investment, consumption and exports. Speaking after a meeting of the State Council, Premier Wen Jiabao said that China’s current economic plan was bearing fruit. “We did see some positive factors in economic development and that increased confidence in every task,” he said. However, Wen was also quoted by state media as saying, “The foundations for an economic recovery is still not stable.” China on Thursday announced its first quarter GDP had grown by 6.1% year-on-year, its slowest growth in 17 years.
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