Chinese slowdown expected says PM

China’s economic woes that have brought growth to a three-year low will continue for some time, but the slower expansion remains within expectations, premier Wen Jiabao said yesterday.

Speaking during a tour of the south-western city of Chengdu, Mr Wen said the Chinese need to recognise the seriousness and complexity of the challenges the country faced. But he added that China’s economic fundamentals remain favourable.

“At present, our country’s economic growth rate remains within the target range set earlier this year and we are seeing the effectiveness of stabilisation policies,” Mr Wen said in remarks posted on the government’s official website.

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The government will prioritise job creation and provide financial aid to companies suffering from slowing exports due to sinking overseas demand, he said. Private investment will be encouraged and the government will promote industrial upgrading and urbanisation.