Premier says China can hit major economic targets

TIANJIN, Sept. 10 -- Premier Li Keqiang on Wednesday said China can meet the major economic goals this year and policymakers will not be distracted by short-term fluctuations of individual indicators.

Li downplayed the importance of some economic data from the past two months when delivering his keynote speech to the 2014 Summer Davos, which opened Wednesday in north China's port city of Tianjin. At the meeting of more than 1,600 business leaders from across the globe, Li appeared more concerned by the job market.

China has targets of GDP growth around 7.5 percent and a consumer price index (CPI) increase of about 3.5 percent in 2014, with 10 million more urban jobs to keep the urban unemployment rate at a maximum of 4.6 percent.

The forum will discuss diverse issues including China's economic outlook, shifts in finance and energy sectors and infrastructure.

NOT DISTRACTED

In the first half of the year, China's GDP expanded 7.4 percent from a year ago while the rise in CPI stayed at 2.3 percent.

Premier Li said that while the Chinese economy had been under greater downward pressure since the beginning of the year, with an intricate global economic environment and slow recovery in developed countries, the government would not be distracted by minor fluctuations of individual indicators.

"We have focused more on structural adjustment and other long-term problems," Li said.

The premier's remarks came after electricity consumption, freight volume and other indicators showed signs of slowdown in July and August. Power consumption in July expanded only 3 percent year on year, much less than June's 5.9 percent jump, according to the National Energy Administration. The August power figures will be released later this month.

"That was inevitable and within our expectation," Li said, "because the domestic and international economic situations are still complex and volatile."

When observing the Chinese economy, the world should not just focus on short-term performance or on a particular sector, said Li. "Rather, one should look at the overall trend, the bigger picture and the total score."