Wen repeats policy stance amid growth concerns

Premier Wen Jiabao announced on Wednesday that China will maintain economic policies that many analysts believe will lead to slower growth as the property market cools, the Wall Street Journal reported. In a meeting with scholars and business people, Wen said: "China’s economic is is currently developing in the direction envisaged by the macroeconomic adjustment and control policies." That includes last month’s move to ease the currency’s peg to the dollar and curbs on the property market, which have been hindering sales since being implemented in mid-April. Wen also remarked on the need to control inflation, a concern that has led to the government’s recent roll back of its economic stimulus. China’s purchasing managers’ index dropped to 52.1 in June from 53.9 in May, figures released Thursday show.