Li Keqiang allays concerns about China's economy
China's economy will regain growth momentum and avoid a sharp downturn in the future, Chinese Premier Li Keqiang said at the 45th annual meeting of the World Economic Forum (WEF) in Davos, Switzerland.
Speaking to the world's top business leaders and politicians at the WEF, the Chinese Prime Minister stressed that a financial crisis will not happen in China and the country's economy will not fall into decline.
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| Chinese Premier Li Keqiang. |
He believes that if China does not lose sight of its planned reform vision, the economic train will not slow down, but instead will "run smoother and faster".
The Chinese premier's statement was made to calm concerns that China's economic slowdown is reducing investor confidence around the world. China's National Bureau of Statistics (NBS) also just released data showing that the country's economy has achieved its lowest growth rate in the past 24 years.
Premier Li Keqiang has vowed to step up economic structural reforms, focusing on promoting "quality growth" instead of high growth rates.
China's economic growth in 2014 was only 7.4%, lower than the government's target of 7.5%, raising concerns that weak growth in Asia's leading economy will affect the overall growth momentum of the world economy.
In a newly updated report by the International Monetary Fund (IMF) released on January 20, China's economic growth this year is forecast to be even lower, at only 6.8%.
However, Premier Li Keqiang said the government's efforts to change the Chinese economy, towards increasing investment and exports to create greater consumer demand, would contribute to more sustainable growth for the world.
He cited figures showing that 13 million new jobs were created in China last year as an example of the government's correct and effective reforms. The Chinese premier said continued improvement in domestic consumption would contribute to more sustainable development for the world.
According to news
