Wen calls for pro-growth measures

Chinese Premier Wen Jiabao suggested that Beijing may take further steps to bolster growth after unexpectedly poor economic data released this month, Reuters reported. “We should continue to implement a proactive fiscal policy and a prudent monetary policy while giving more priority to maintaining growth,” Wen said Sunday. However, he did not specify what actions the government might take to spur growth. While analysts generally do not expect another round of fiscal stimulus, the People’s Bank of China cut the required reserve ratio for banks earlier this month, freeing up cash for lending. GDP grew by 8.1% in the first quarter, its slowest pace in nearly three years. Import and export data for the month of April were much lower than anticipated, leading many economists to revise down their full-year GDP growth forecasts.