Premier Li says China’s economy won’t face hard landing

World Today

Chinese premier Li Keqiang delivered a keynote speech at the annual World Economic Forum meeting.

China’s message to the global leaders meeting in Davos, Switzerland was clear: Don’t worry about slowing growth in China. CCTV’s Jack Barton reported this story from Davos.

Premier Li says China’s economy won’t face hard landing

China's message to the global leaders meeting in Davos, Switzerland was clear: Don't worry about slowing growth in China. CCTV's Jack Barton reported this story from Davos.

China’s Premier Li Keqiang told delegates during his keynote speech at the World Economic Forum that China will avoid an economic hard landing. The speech came a day after China reported its slowest growth in 24 years.

“It must be noted that the moderation of growth speed in China reflects a profound adjustment in the world economy and it is also consistent with the law of economics. More importantly we have made further progress on structural reforms, needless to say the Chinese economy will continue to face substantial downward pressure in 2015,” Li said.

China’s economy has shown signs of rebalancing with higher than expected figures for consumer spending and industrial output, he said. China will also loosen government regulation and encourage mass innovation to achieve higher-quality development, Li said earlier Wednesday.

Li also said that China’s economy and efficiency have made important contributions to maintaining the stability and healthy development of the world economy and finance and that China maintains a positive momentum in economic development amid complex domestic and international situations.

China will also continue to implement a proactive fiscal policy and prudent monetary policy, that will be neither loose nor tight, with more emphasis on structural reforms, he said.

The World Economic Forum’s founder Klaus Schwab said that even if China slowed to 7 percent growth this year, it would still remain the biggest engine of global economic growth.

On the sidelines of the summit Li also met with Ukraine’s President Petro Poroshenko only hours after Poroshenko accused Russia of having 9,000 troops on Ukrainian soil.

A key forum poll identified geopolitical risks such as the crisis in Ukraine as the largest threat to global stability over the coming decade — an issue addressed by Li in his keynote.

“Regional conflicts and geopolitical conflicts must be peacefully resolved through political means,” Li said.

On Thursday the focus shifts back to the Eurozone, which is gripped by deflation.

Under enormous pressure to add stimulus, the European Central Bank will announce whether it will push ahead with a major round of sovereign bond buying, better known as quantitative easing.

Over 2,500 participants from across the world are expected to attend the forum and exchange views on a wide range of issues, including the global economy, environmental protection and non-conventional security.

Report complied with information CCTV America from Xinhua reports.


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