Chinese Premier Shows Optimism on Chinese Economy amid Pressure and Uncertainties

Chinese Premier Shows Optimism on Chinese Economy amid Pressure and UncertaintiesPremier Li Keqiang stated that he is optimistic about the Chinese economy even with the downward pressure and an increase in uncertainties of the global economy. He acknowledged that the Chinese economy faces an enormous downward pressure along with difficulties that should not be under estimated. And because of the severe and complicated international environment and deep rooted domestic problems, the foundation of the Chinese economy is not as stable.

While addressing the participants of the Annual meeting of the New champions of summer Davos, Li said that recognizing this difficulties, China is showing that they have resolve and capability in overcoming these challenges. And in the face of mounting economic downward pressure, they cannot resort to indiscriminate measures, but forcefully push forward structural reforms and help new growth engines as it transform traditional growth drivers. As a result, the country’s economic structure optimizes with new enterprises that are growing fast in the past two years with services as the largest contributing factor to the economy and is able to meet the targets that was set for this year.

China will continue to open up their service and general manufacturing sectors to keep the reminbi stable within a reasonable and proper range. Furthermore china will create a fairer, predictable and more transparent investment environment for foreign investment and give equal treatment between foreign and domestic businesses. The attitude of the people towards the Chinese economy is optimistic at the present and the decision of Britain to leave the European union already had an impact on the international financial market which added global uncertainties.

Li said that he likes to see a united, stable European Union, the same at Britain, and that the context of globalization no country can discuss about its own development without the world economic environment. A structural reform is proposed with industrial upgrades and an efficient global governance as solutions to get the world economy on track to recovery. Countries must continue to reduce excess capacity in the steel and coal sectors at a market oriented and lawful manner and measures to reemploy coal and steel workers are made redundant.

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