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Premier Li optimistic about China’s financial stability

Updated: Mar 15,2017 11:10 AM     Xinhua

BEIJING — Premier Li Keqiang on March 15 struck a confident tone in the country’s financial stability, ruling out the possibility of systemic risks as “the country has plenty of policy options at its disposal.”

“China’s financial system is generally safe,” Premier Li said at a press conference after the conclusion of the annual legislative session.

China’s budget deficit to GDP ratio stands below 3 percent, the capital adequacy ratio of commercial banks is 13 percent and their provision coverage ratio is at 176 percent, all above the international standards for financial security, Premier Li cited a set of data to support his view.

Acknowledging potential risks in the financial sector, Premier Li said the government will take them seriously and adopt prompt and targeted measures to prevent them from spreading.

China will “fasten the seat belt” and prevent any “acute outburst” of financial risks on the track for maintaining medium-high growth speed, Premier Li said.