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Premier Li Keqiang, right, talks to President Xi Jinping Sunday just after the opening session of the National People's Congress in Beijing. (Photo by Akira Kodaka)

Beijing turns to fiscal measures as systemic risk grows

Focus shifts from easy money to infrastructure investment, tax cuts

ISSAKU HARADA, Nikkei staff writer | China

BEIJING -- The opening day of China's national legislature Sunday saw Premier Li Keqiang deliver a warning about systemic risk in the financial sector and indicate a change in the government's economic policy to focus more on fiscal measures over monetary easing to stimulate the economy.

China must be highly vigilant about mounting financial risks stemming from nonperforming assets, bond defaults, shadow banking and internet finance, Li said as he gave an annual report on government work to the National People's Congress.

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