No hard land­ing in store for the econ­omy, Li says

China Daily (Canada) - - ACROSS AMERICA -

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.

Con­tact the writer at xin zhim­ing@chi­nadaily.com.cn

WU ZHIYI / CHINA DAILY

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.

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