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16 Mar 2015
‘We still have host of policy instruments at our disposal’ – China PM Li Keqiang
FXStreet (Mumbai) - Addressing reporters at his annual press conference at the end of the ten-day deliberations of the National People's Congress (NPC), China's parliament, Prime Minister Li Keqiang said the new GDP target of around 7% set for this year will not be easy to meet.
Key Quotes:
"This year we set the anticipated GDP target approximately 7%. It is true that we have adjusted downward our GDP target but it will by no means easy for us to meet this target,"
"I recognize that there is considerable downward pressure on China's economic growth and we still face multiple challenges. This requires that the government must strike a proper balance between maintaining steady growth and making structural adjustments,"
"If our growth speed comes close to lower limit of the proper range of economic operation and affects the employment situation and people's livelihood incomes, we are prepared to step up targeted macro-economic regulation to boost the current market confidence while at the same time maintain continuity about our microeconomic policies to anchor long term market expectation,"
"The good news is that in the past couple of years we did not resort to massive stimulus measures for economic growth. That has made it possible for us to have fairly ample room to pursue economic regulation and we still have host of policy instruments at our disposal,"
"The pain (from the reforms) is still there and the pain is becoming even more intense. Shedding government powers will touch on vested interests,"
"the reform by reducing the power held in the hands of the government has helped tackle the downward pressure. This is not nail clipping. This is like taking knife to one's own flesh."
Key Quotes:
"This year we set the anticipated GDP target approximately 7%. It is true that we have adjusted downward our GDP target but it will by no means easy for us to meet this target,"
"I recognize that there is considerable downward pressure on China's economic growth and we still face multiple challenges. This requires that the government must strike a proper balance between maintaining steady growth and making structural adjustments,"
"If our growth speed comes close to lower limit of the proper range of economic operation and affects the employment situation and people's livelihood incomes, we are prepared to step up targeted macro-economic regulation to boost the current market confidence while at the same time maintain continuity about our microeconomic policies to anchor long term market expectation,"
"The good news is that in the past couple of years we did not resort to massive stimulus measures for economic growth. That has made it possible for us to have fairly ample room to pursue economic regulation and we still have host of policy instruments at our disposal,"
"The pain (from the reforms) is still there and the pain is becoming even more intense. Shedding government powers will touch on vested interests,"
"the reform by reducing the power held in the hands of the government has helped tackle the downward pressure. This is not nail clipping. This is like taking knife to one's own flesh."