Chinese Premier Assures that Country can Reach Economic Growth
Despite the complex economic situation that is happening across the globe, Premier Li Keqiang assured that the Chinese economy health will reach its set goal of 7.5 percent growth this year. Li gave this statement at the opening ceremony of the three day Summer Davos in Dalian, citing the signs of a growing stabilization in the world second biggest economy.
Li said that a developing momentum and steady progress is giving the Chinese economy the confidence to meet the economic and social development goals that they have set for the whole year. Li also defuse the concerns on the possibility of hard landing stating that the economy is at the crucial stage of transformation and upgrading and is moving forward fast and steadily with good fundamentals.
And regarding the issue of the local government debt, Li said that the government is taking necessary precautions and measures that will regulate and control the problem which they hope will make the situation safe and manageable. China’s economy grew 7.6 percent year on year during the first half of 2013, but fell to 7.5 percent in the second quarter a decline of 7.7 percent in the first quarter and around 7.9 percent for the final quarter of the year.
Summer Davos is a gathering of business leaders, scholars and governemtn officials from around the globe. This year more than 1,500 delegates from 90 countries will be participating in the annual three day forum.