No. Pressures will intensify on the Chinese economy in the first half, but the counter-cyclical policy will steady the GDP growth rate at between 6 percent and 6.5 percent, while ensuring that China achieves the goal of building a stable basis for the prosperity of its people.

China will continue to exercise proactive fiscal policies and a prudent monetary policy and make noteworthy progress in improving the efficiency of financing, while identifying where money is needed the most. It will also permit local governments to take on more debt and further open up the market this year.