China will not take large-scale stimulus to support growth: Vice Finance Minister

BEIJING: China will not take large-scale stimulus measures to smooth short-term growth fluctuations, as the country's basic economic situation has not changed, Vice Finance Minister Zhu Guangyao said on Tuesday.

Zhu also told a media briefing after a meeting with U.S. Treasury Secretary Jack Lew that China will take measures to support growth if needed.

His comments came after official April data showed across-the-board weakness in activity, with data from output to investment and consumption all missing market expectations, sparking new calls for Beijing to ease policies to shore up growth.

Zhu said China has made clear to the United States its determination to reform its currency regime, and said that the current direction of China's currency policy is "correct".

In Beijing on Tuesday, Lew said China needed to move to a market-based exchange rate, following a warning from the Obama administration last month that the yuan was too weak.