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Premier Li: China’s economy gets stronger amid challenges

Updated: Feb 16,2016 2:44 PM

China’s economy has continued to grow amid challenges. It becomes tougher and braver when faced with difficulties and challenges, Premier Li Keqiang said at the State Council executive meeting on Feb 14.

Premier Li made the remarks after global stock markets had a “black week” and prices of bulk commodities fell during the Chinese Spring Festival holidays.

“At the beginning of the Year of the Monkey, global economy, especially the stock markets, is plummeting, leaving great challenges and uncertainties in our economy as China’s economy has deeply integrated into the world’s economy,” the Premier said.

Recently, the global economy is facing downward pressure and IMF and the European Commission lowered anticipation of economic growth. Meanwhile, statistic data from the world’s economies indicate that economic growth rates of major developed economies are lower than expected, and some developing countries and emerging markets even saw negative growth.

But with some positive domestic factors, such as the stable job market and reliable tool boxes, the Premier holds confidence in China’s economy.

Stable employment steadies China’s economy

Unemployment surveys from all cities across the country from January this year showed an unemployment rate of 4.99 percent, an achievement that is not quite easy for an economy with more than 1.3 billion people, according to data revealed by the Premier at the executive meeting.

“China’s economy will be steady if the state of employment stays stable. This is a highlight of China’s economy in recent times,” the Premier said.

Stable employment, growing income, and lowering energy consumption per unit of GDP indicate that China’s economic fundamentals are stable, giving us confidence to meet greater challenges, he said.

More proactive to face challenges

At a time when the state of employment is stable, the Premier also stressed that vigilance must be kept to maintain a stable financial market.

“Let me be clear that last year’s policies to stabilize the market amid the abnormal fluctuations of the stock and foreign exchange markets are correct and in line with international practices. In addition, the moves defused some ‘bombs’, avoiding systematic financial risks,” he said.

The Premier also asked departments under the State Council to be more proactive in accomplishing economic tasks assigned to them.

“China’s economy still has huge potential: We have a high saving rate and huge space to maneuver. We will make decisive efforts when the economy shows signs of sliding out of reasonable range,” he said.

“The global economy this year is extremely complicated. So we should be more proactive to face the challenges.”

Many hands make light work

The Premier emphasized at the meeting that the biggest power to drive China’s economy comes from the 1.3 billion people’s vitality and creativity.

The reason that we promote mass entrepreneurship and innovation is to gather mass wisdoms. How much can you do with only one head? Only when you turned people’s eyes and hands into yours, can you make clear the situation and get jobs done effectively, according to the Premier.

“I believe in the Chinese people’s energy and wisdom. Over the past few years, we faced difficulties every year. But we were successful. We will be braver this year amid difficulties. This defines our tenacity. If you do nothing, you will get nothing.”

He also asked participants at the meeting to be responsible and proactive to face challenges and actively respond to public concern of China’s economy.

“We have full confidence in advantages, achievements, and development potential of China’s economy,” he said.