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China’s Top Economic Planners Says Hard Landing Impossible

China’s top economic planning official on Sunday said it is impossible that the Chinese Economy would have a “hard landing” — or a sharp slowdown after a period of robust growth — and offered assurances that it would continue to contribute to global growth, not hinder it.

Xu Shaoshi, director of the National Development and Reform Commission, said at a News Conference that China’s economy has inner flexibility and abilities to resist risks.

“I can say, China’s economy will absolutely not have a hard landing,” Xu said. “The so-called predictions for a hard landing will definitely come to nothing. Please rest assured, this possibility does not exist.”

Last year, China’s growth slowed to a 25-year low of 6.9 percent — but Xu said that this was still one of the fastest expansion rates in the world. On Saturday, Premier Li Keqiang said in a report to the annual National People’s Congress that authorities set a growth target of 6.5 to 7 percent for this year.

In his remarks at a news conference on the congress’ sidelines, Xu said China would remain stable despite sustained turbulence in the Global Economy.

“We are completely capable of running China’s economy within a reasonable range,” Xu said. “We are fully confident about the prospects for development.”

“Our contribution to the global economy is very obvious,” he added. “We are still a major engine for the growth of the world economy.”

via Mainichi



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China’s Top Economic Planners Says Hard Landing Impossible

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