China confident of meeting 7.5% growth target
Print Edition
CHINA will meet the 7.5 percent economic growth target this year after the International Monetary Fund warned of a “hard landing” for the economy, senior Chinese officials said.
Yi Gang, deputy governor of the People’s Bank of China, said the government is confident in meeting the target as it has carried out prudent monetary policies, active fiscal policies, and administrative reforms.
“China is shifting from a high speed growth to a moderate one, but the quality of development is improving,” Yi said during an IMF meeting in Washington at the weekend.
The IMF on Thursday warned of the risk of a “hard landing” in China, the world’s second-largest economy, which the world body said could have negative repercussions on other emerging markets.
While IMF Managing Director Christine Lagarde said the risk was small, she urged China to control risks in its shadow banking system and liberalize its financial sector to improve the allocation of credit.
Yi emphasized the Chinese government is monitoring the economic risks and has taken effective measures against possible problems, although he did not elaborate.
Vice Finance Minister Zhu Guangyao on Saturday also rejected the IMF’s warning. The methodology it used and some of its traditional thinking ‘‘also need reform,” Reuters cited Zhu as saying on the sidelines of the IMF and World Bank meetings.
He said financial regulators are aware of the risks in shadow banking and have been enhancing risk management and supervision of banks’ off-balance sheet assets.
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