China Able to Keep Growth at Reasonable Rate: Premier
   2014-03-13 12:34:35      Web Editor: Jiang
Chinese Premier Li Keqiang said on Thursday that China is able to keep economic growth at a reasonable rate, although this year, there are obstacles.

Responding to concerns that the country's economic growth level could fall short of the 7.5 percent target, the premier said, "I have seen some pessimistic views on the Chinese economy. We achieved our goals without undertaking stimulus measures last year, so why can't we this year?"

China set this year's growth target at 7.5 with a view towards ensuring employment, livelihood and income equality, Li told Chinese and foreign journalists following the conclusion of China's annual parliament session.

He added that, each year, China needs to add more than 10 million urban jobs and create six to seven million jobs for migrant workers and it needs appropriate GDP growth.

"We said the target is about 7.5 percent, which means there is flexibility. The lowest growth rate I can live with must be one that creates adequate employment to ensure income growth," the premier went on to say.

He added that, as long as China faces the challenges squarely, exerts its strengths and avoid risks, it will be able to keep economic growth at a reasonable rate.

Premier Li also said that, in 2013, the biggest difficulty was downward economic pressure, but China managed to overcome that and achieved a growth of 7.7 percent.

He listed a number of difficulties China faced last year: negative growth in central government revenue, a liquidity crunch, inter-bank rates surpassing 13 percent at one point, sharp falls in power consumption and cargo transport, along with limited room for fiscal and monetary policy maneuvers. Some predicted a hard landing and a growth-rate as low as three or four percent.

The premier said that China faced the difficulties, showed guts, wisdom, held its ground, and adapted. China ensured bottom lines for growth and employment, and upper limits for inflation. It also let the market play a bigger role.

"Under the leadership of the CPC Central Committee with Xi Jinping as Secretary General, we faced down the pressure and met our major targets for economic and social development," said the premier.

He also noted that G20 finance ministers and central bankers have vowed to raise collective GDP growth by two percentage points in 2014 to ensure employment. He believes that this shows major economies value growth.

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