LOS ANGELES Chinese Premier Wen Jiabao said Tuesday that the government’s top priority was now stabilizing economic growth, with policies to include business-tax cuts and more targeted investment, according to comments carried by the state-run Xinhua news agency. Speaking ahead of much anticipated second-quarter economic growth data due out Friday, Wen was quoted as saying: “China needs to maintain a certain level of economic growth so as to provide a foundation for economic and social development, as well as the improvement of people’s livelihoods.” He said structural tax reductions for small firms, increased private investment, and more research and development spending were among policy focuses. China’s gross domestic product grew at 8.1% in the first quarter compared to a year earlier, but Xinhua cited a consensus forecast of 7.5% growth for the second quarter.
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