Chinese premier says economic woes to continue but growth still within anticipated range

BEIJING, China – Chinese Premier Wen Jiabao says the country’s economic woes will continue for some time, but that its slower growth will remain within the anticipated range.

Wen’s comments Sunday came two days after Beijing announced that economic growth had fallen in the second quarter to a three-year low of 7.6 per cent.

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Wen said Chinese need to recognize the seriousness and complexity of the issue. But he added that the country’s economic fundamentals remain favourable. He said the government will prioritize job creation and provide financial aid and tax breaks to companies suffering from slowing exports due to sinking overseas demand.

The quarterly growth was in line with the government’s official target of 7.5 per cent for the year, which private-sector forecasters say China still is likely to achieve.