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China to stick to targeted easing in monetary policy: Premier

Feng Li - Pool | Getty Images | Getty Images

China will continue leading a prudent monetary policy with focus on targeted easing measures, Premier Li Keqiang said, according to a statement published on a central government website.

Addressing the State Council, China's cabinet, Li said China over the past year had avoided stimulating its economy through quantitative easing.

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"In the current complex economic situation and the downward pressure, we still have to maintain concentration and adhere to a proactive fiscal policy and prudent monetary policy to stabilize market expectations," Li said.

He added he was hopeful China's massive urbanization drive would help fuel future economic growth.

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The statement came as state-owned news agency Xinhua on Friday quoted the chairman of the China Construction Bank saying the central bank has issued 500 billion yuan ($81.4 billion) worth of three-month loans to China's five biggest banks.