China is opting to promote growth by changing ways. They plan to increase the economic growth and improve the employment rate whilst tuning-out the policies and maintaining stable fiscal deficits.  All these are done without any major adjustments of their short-term macroeconomic policies.

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This is the statement given by Lou Jiwei, the Finance Minister of China, in a meeting with the United States officials in Washington D.C. The statement was published last July 16 on the Finance Ministry's official website.

As Lou stated, this month is focused on restructuring the economy, without compromising the economic status and the rate of unemployment. He said that the two components remain to be above at a limit not specified by the finance minister.  The restructuring will happen even if the country will not meet its goal of 7.5 percent this 2013.

In 2008, China contributed to the global financial crisis with 4 trillion Yuan stimulus and large amount of bank lending.

"From a policy perspective, China won't roll out large-scale fiscal stimulus policies this year, will promote economic growth and job creation and fine-tune policies, while keeping the fiscal deficit size unchanged."

This indicates that the government does not plan to rethink the economic changes, even announcing that they will not use the "large-scale fiscal stimulus" this year. Even if it result indicates an economic slowdown.

In the press briefing held in Washington, Lou said that the growth of 6.5 percent may be tolerable. The 7.5 percent goal may not be met, but Lou is confident that at least 7 percent will be achieved this year. The government has initially set a goal of 7.5 percent in March 2013.  

The Xinhua News Agency affirmed this statement by Lou. They amended their report saying that China will definitely achieve the 7.5 percent growth this year.