微調控 (wei tiaokong): Micro-control

Premier Li Keqiang said at a recent State Council Economic Work Conference that the government will expedite the country's economic adjustment with "micro-control" measures.

The measures will be cautious and target specific industries, and they will not involve a huge supply of money to prevent them influencing the overall economic and financial indices and overall industrial pattern.

As Li has pointed out, China's economy still boasts remarkable elasticity, potential and flexibility, but it has entered a "new normal", which requires targeted and precise control tools to stabilize economic growth and adjust the economic structure.

The government will continue targeted, timely adjustments, but in a "more precise and effective" way, as the correct orientation of macro, financial and monetary policies can take advantage of China's strong, long-term fundamentals to maintain growth.

As the major challenge in the current economic situation is insufficient demand, the micro-control measures will be aimed at releasing domestic demand.

And, since they cannot be avoided, risks will be absorbed and digested to ensure the economy runs within a reasonable range.

Regarding monetary policy, the government will focus on precise and effective targeted control through targeted reserve ratio cuts and targeted reloans.