China's Li says they will not resort to competitive currency devaluation
Chinese premier Li speaking in Beijing 12 Sept
- will not boost exports via yuan depreciation
- welcomes foreign investment into China
- China's leverage has stabilised and shown some declines
- will stabilize macro policy
- China will add 13m new urban jobs this year
- overall govt debt "controllable"
- China's economy will keep steady, improving trend
- countries should maintain free trade
- countries can not rely on QE to support growth, should rely on structural reforms
- world economy shows positive signs but still fragile
Li is meeting with heads of global organizations inc IMF and World Bank.
Li- No to ccy devaluation