September 19, 2018 / 3:47 AM / a month ago

Maintaining China's steady growth increasingly difficult: Premier Li

TIANJIN, China (Reuters) - Maintaining China’s steady growth is increasingly difficult amid significant changes in the external environment, but China will not resort to massive stimulus, Premier Li Keqiang said on Wednesday.

Men work on placing a steel switch track section of a rail line connecting Sichuan and Tibet, in Shannan Prefecture, Tibet Autonomous Region, China September 16, 2018. Picture taken September 16, 2018. He Penglei/CNS via REUTERS

China has ample policy tools to cope with difficulties and challenges, and it will keep macro-economic policies steady, Li said in a speech at the World Economic Forum in Tianjin.

China will not engage in competitive currency devaluation and will not weaken the yuan to boost exports, Li said.

A worker collects fishing nets at an aquaculture company in Xuzhou, Jiangsu province, China August 30, 2018. Picture taken August 30, 2018. REUTERS/Stringer

Reducing taxes and fees will be the focus of China’s more pro-active fiscal policy and easing funding difficulties for firms will also be key while keeping monetary policy prudent and liquidity reasonably ample, he said.

Li also said China will widen market access for foreign companies and ensure fair competition.

Reporting by Kevin Yao; Writing by Ryan Woo; Editing by Kim Coghill

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