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Li Keqiang: China's Economy Won't Suffer Hard Landing
   2016-03-16 19:30:30    CRIENGLISH.com      Web Editor: Min Rui

Key words on Premier Li Keqiang's press conference [Photo: ChinaPlusnews.com]

Premier Li Keqiang says China's economy will not suffer a hard landing and there are more hopes than difficulties for the world's second largest economy.

He made the remarks following the conclusion of the country's annual legislative session.


Premiere Li Keqiang says China will certainly meet its growth target, despite the current slowdown domestically and globally.

"We have full confidence in the long-term prosperity of China's economy and such confidence is not without foundation, since we believe that China's economy will not suffer a hard landing as long as we stick to the policy of reform and opening-up, and since the Chinese market still has great potential."

Premiere Li adds that the government will try to stimulate the market's vitality through promoting reforms aimed at removing development hurdles and making the financial system more market-oriented.

He also notes that China is in a good position to defuse financial risks.

"The capital adequacy ratio of China's commercial banks exceeded 13 percent, which is below the international warning line. Meanwhile, banks' provision coverage ratio was above 180 percent, higher than the level of 150 percent set by the government. We also have other market-based tools at our disposal to help bring down the corporate debt ratio."

He highlighted the concept of "new economy" initiated to foster new growth drivers for overall economic transformation, while minimizing the impact on workers.

"The central government decided to allocate 100 billion yuan to help the laid-off workers find new jobs. The fund can be increased if necessary."

In the past few years, despite slower growth, China has achieved fairly sufficient employment. Last year alone, it generated another over 13 million urban jobs.

In response to the fact that some localities have problem paying pension benefits, Premiere Li has promised that that central government is prepared to extend help if needed, adding that the government is capable of guaranteeing the payment of benefits for pensioners.

"Last year, the surplus of our pension insurance schemes stood at 340 billion yuan, and the accumulated balance was 3.4 trillion yuan. Moreover, we still have the central social security fund, which is worth 1.6 trillion yuan as a strategic reserve that has not been touched. And we can also use state-owned assets to replenish the social security fund."

Answering questions concerning Hong Kong, Premiere Li says the region will maintain long-term stability and prosperity.

"The policy of 'One country, Two systems', the people of Hong Kong governing Hong Kong and a high degree of autonomy has not changed, and this policy will not change. We believe that the Hong Kong government has the ability and Hong Kong people have the wisdom to properly handle the complex issues in Hong Kong."

Premiere Li also says more measures will be introduced to improve the trade and economic cooperation across the Taiwan Straits, on the premise of continued peaceful development of ties.

In the news conference, the Premiere has also mentioned that the Chinese government will increase openness of its affairs through streamlining administration and delegating powers. It will protect traditional cultural relics. And it will continue to support the development of agriculture and enhance the well-being of farmers.

When it comes to the country's foreign policy, the Sino-US relationship was highlighted with the premiere noting that the two countries share much more common interests than differences.

Premiere Li says the two countries will actively advance the negotiations on the Bilateral Investment Treaty.

"We will allow or gradually allow U.S. investment to entry China but it should be a two-way opening. We also hope the U.S. can advance the negotiations on the treaty based on a principle of equality and cooperation. I believe that the common interests between us will continue to expand."

Other than the relationship with the United States, Premiere Li also notes that it takes the efforts of all countries in the Asia-Pacific region to maintain regional stability and harmony.


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