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The fall in China's growth rate is "manageable"

The fall in China's economic growth is "manageable" as the country is in a developmental stage with priority given to reform and environmental protection, said Zhou Xiaochuan, head of the People's Bank of China.

Zhou said that the government would not only not be after high economic growth rates, but would also concentrate on providing high-quality goods.

"I think this is a manageable slowdown," Zhou said. "We have moved to a new level where we emphasize the importance of structural change, economic reforms and better environmental protection," Xinhua News Agency reported.

He did not comment on China's monetary policy, which will be mitigated this year by lowering the ratio of mandatory reserves. This, in turn, will lead to the release of money for bank loans and support the economy.

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