No hard landing in store for the economy, Li says
country contributed more than 30 percent of global growth in 2016.
Li conceded that the Chinese economy faces many uncertainties, but he dismissed the possibility of a financial crisis in the country.
“China’s financial system, on the whole, is secure and there will not be systematic risks,” he said. “Once we find financial risks, we will tackle them promptly to prevent them from worsening,” he said. “We have many tools to tackle the situation.”
He said China has ample foreign exchange reserves to satisfy the demands of imports and short-term debt repayments.
The nation’s strong growth performance in the first two months has prompted many analysts to raise their forecasts of the country’s growth prospects this year.
China’s fixed asset investments are expected to continue their strong growth, and the momentum of the first two months is forecast to continue for the whole year, according to investment bank UBS. It has raised its forecast of China’s GDP growth this year to 6.7 percent from previously forecast 6.4 percent.
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Premier Li Keqiang answers reporters’ questions during a news conference after the conclusion of the fifth plenary session of the 12th National People’s Congress, China’s top legislature, in the Great Hall of the People in Beijing on Wednesday.