China can prevent systemic or regional financial crisis
Print Edition
CHINA is capable of preventing systemic or regional financial crises while allowing market-ruled liquidation in individual and isolated cases, Chinese Premier Li Keqiang said yesterday.
Li said this at a press conference after the end of the annual session of the National People’s Congress, China’s top legislature, in response to a question on financial risks in the world’s second-largest economy.
“It is true that there are individual and isolated cases of financial risks, but at the same time, we are fully capable of preventing systemic or regional financial crises,” Li said.
Reassuring the market, he cited the facts that the Chinese economy continues to operate within the proper range and there is a fairly high savings rate in the country.
On concerns over the potential risks which may arise from local government debts, Li said over 70 percent of the debts are in investments which have good prospects for yielding returns.
“We are also regulating these financing platforms to ensure that we keep the front door open while blocking the back door,” he said.
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