Premier Li prompts fiscal funds to shore up economic growth

China’s Premier Li Keqiang said in a State Council meeting Wednesday that fiscal funds should be used to stabilize economic growth, Bloomgberg reported, citing the cabinet’s website. Li highlighted re-developing shantytowns and improving basic infrastructure as a driver for growth. During the meeting, Beijing also approved a pilot free-trade zone in Shanghai that would promote cross-border financing and international trade settlements. This comes amid concerns over slowing growth in China, which data indicates could be deepening, and has led banks to pare down their growth projections for the Chinese economy.