1. Chinese President Xi Jinping said Tuesday that China's economy is still operating within the proper range, pledging for strong commitment to deepening reform on all fronts. In a written interview with the Wall Street Journal, Xi said Chinese economy is under a downward pressure as many countries have encountered difficulties against the overall global economic backdrop. China will continue its reform of the RMB exchange rate formation regime in the direction of market operation, said Xi, "Given the current economic and financial conditions at home and abroad, there is no basis for sustained depreciation of the RMB."
2. A big move China plans to make in order to cut red tape and encourage business startups should be completed by the end of this year, Premier Li Keqiang urged officials on Tuesday. The three essential business certificates -- business licenses, tax registration certificates and organization code certificates -- are being unified as one certificate and will be issued by one office instead of the current three.
3. China's central bank pumped 50 billion yuan into the money market via reverse repurchase agreement on Tuesday, the first cash injection this week.
4. Although downward pressure on the economy may persist for a while, the Chinese government has plenty policy room and options to achieve its annual growth targets, the country's top economic planner said on Tuesday. "China's economy will continue to operate within a reasonable range in the latter half of the year, the overall stable momentum will not change and annual growth is expected at around 7 percent," the National Development and Reform Commission said in an online press release.
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