China says effectively turning the corner on the economy
Zhang said that inflation was stable in China. Official data on Friday showed consumer price inflation eased to its slowest pace in nearly three years in October, with the 1.7 percent rise from a year ago slower than the 1.9 percent posted in September. Economists polled by Reuters had expected it to hold steady.
Investors, though, have been concerned that efforts to cool the economy had been mistimed, unintentionally coinciding with a sharp slowdown in external demand, with recovery in the United States remaining tepid and Europe still unable to escape its sovereign debt crisis.
Beijing has responded by fine-tuning economic policy for a year to support growth. China has cut benchmark interest rates twice this year, lowered bank reserve ratios three times since late 2011 and made repeated, large-scale liquidity injections into the financial system. It also said in September it had fast-tracked approvals on infrastructure projects worth about $157 billion.
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