China says no large stimulus this year

China’s Finance Minister Lou Jiwei said Beijing will not be using large scale stimulus this year, indicating China’s willingness to tolerate an economic slowdown, Bloomberg reported. China will promote growth and boost employment while fine-tuning policies and keeping the fiscal deficit unchanged, and will also avoid big adjustments to short-term macroeconomic policies, Lou said in comments that were posted Wednesday on the Finance Ministry’s website. Lou said in a press briefing last week that growth as low as 6.5% may be tolerable in the future, but he’s confident 7% can be achieved this year.