CHINA’S Finance Minister announced today that Beijing was not planning any new stimulus measures and insisted it was up to the US to drive the global economy.

Lou Jiwei said that national leaders were satisfied with the country’s economic performance so far this year, creating up to 6 million new jobs in the first five months — 60 per cent of this year’s target.

He explained that the government was emphasising structural reforms to spur economic growth and was unlikely to repeat the massive economic stimulus it injected in the wake of the 2008 global financial crisis.

“Therefore the global economic recovery depends on the situation in the United States,” he said.

Mr Lou pointed out that the US economy shrank at a 2.9 per cent annual rate from January to March, adding that China hoped Washington could “take measures to ensure the momentum of growth.”