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Premier Li says China able to grow 7.5% this year
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CHINA is confident it will meet the growth target of 7.5 percent this year, Premier Li Keqiang said in an article published in the Times newspaper today, noting the government was ready to adjust policies to guarantee the fulfillment of the target.
Before starting an official visit to the United Kingdom, Li said the economic slowdown in China was normal and not a problem.
"China's economy needs to grow at a proper rate, expected to be around 7.5 percent this year," Li wrote. "It is slower than the past, but normal...Despite considerable downward pressure, China's economy is moving on a steady course."
"We will continue to make anticipatory and moderate adjustments when necessary. We are well prepared to defuse various risks, and we are confident that this year's growth target will be met," Li wrote.
China's economy showed signs of mild improvement in May with exports, retail sales and industrial production all edging up in growth, which rebounded from the lows in years recorded in April.
In the first quarter, China's gross domestic product expanded 7.4 percent from a year earlier, the weakest in six quarters.
Last week, China's central bank announced that it will further cut the reserve requirement ratio for targeted banks, the second similar move in two months in a bid to support small companies and agriculture.
It was regarded as part of China's mini stimulus package to sustain growth and create jobs while maintaining reforms on track. The other steps included tax breaks and accelerating government spending in railway construction at a time when a property slowdown hits growth.
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