China steps up efforts to boost growth in economy
The Chinese government said it will intensify efforts to prevent an economic slowdown in the country now seen as the engine for global economic growth.
Chinese Premier Wen Jiabao said "fine-tuning" of policies to ease downward pressure on the economy is still "relatively large," during a tour of Jiangsu province.
Mr Wen said measures implemented since April are showing results and the economic slowdown is stabilising.
It comes as more positive news from the US shows the trade deficit there probably narrowed in May, as falling oil prices cut import costs.
With Europe still in crisis, the US and Chinese economies are now the mainstays of global economic growth.
Last week, China announced the second cut in benchmark interest rates in a month and allowed banks to offer bigger discounts on loans, in a bid to get credit flowing in the world's second-biggest economy.
The move, which coincided with the European Central Bank's decision to reduce borrowing costs to a record low, underscores the continuing risks to global recovery. (Bloomberg)