Cautious monetary stance to remain

Financial reform must be promoted in an orderly way, State Council says

The central government said on Wednesday it will continue its prudent monetary stance while the world's second-largest economy slows down, with the market seeing its worst cash crunch in at least seven years.

In a statement after a meeting chaired by Premier Li Keqiang, the State Council, China's cabinet, said the economy is generally stable. The prudent monetary stance should persist to reasonably manage money supply, and curb new credit for unauthorized construction projects in industries with severely excessive capacity.