NEW YORK (MarketWatch) — Chinese Premier Wen Jiabao said Tuesday that his nation will meet its official growth target of 7.5% GDP growth in 2012, though he acknowledged that the Chinese economy is facing significant pressure. “It is true that the Chinese economy is under notable downward pressure, but with our efforts to shift our economic model, better allocate resources and implement more reform and opening up, we have the ability to keep the economy in good shape,” Wen said in a speech at the World Economic Forum’s meeting in Tianjin, according to a statement released by WEF. Wen, who is due to retire in a few months, also said that China’s growth may be slowing, but it is more stable. “We will give greater priority to stabilizing growth and maintaining the continuity and stability of our policies,” he said.
Hang on investors!!! This could well be a breakout for some of the commodities and property stocks. With possible QE coming in within the next few days, things could look interesting this month.
