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Wen sees economy stabilizing

China’s economy has begun to stabilize and is expected to show more “positive changes,” Premier Wen Jiabao was quoted by state-run Xinhua News Agency as saying, Reuters reported. Wen also said he is confident the government will achieve its annual growth target of 7.5% in 2012. The central government is balancing the need to support the economy and reform structures to provide more sustainable growth, and it has not stimulated the economy too much. However, Wen also warned against complacency. The country “still faces considerable difficulty in the last quarter,” Wen said, putting pressure on the new leadership to come on aboad after a once-a-decade transition in November. He also dispelled the notion that Beijing would relax its restriction on the housing market, saying that China “should stand firm and retain property controls.”

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