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China reassures world on growth and reform

(Xinhua)    07:29, March 17, 2016
China reassures world on growth and reform

BEIJING -- China has set itself an official economic growth target of 6.5 to 7 percent this year, reassuring the world that market-oriented reforms can provide a stabilizing effect.

The annual session of the top legislature closed on Wednesday, with approvals of the government work report and the 13th Five-Year Plan outline among other bills.

Among 2,859 legislators who attended the closing meeting, 2,778 voted for the 13th Five-Year Plan outline, and 2,814 for the government work report.

The plan outlines the policy framework, priorities and economic and social goals for 2016-2020, including an average annual growth rate of above 6.5 percent. Meeting the targets will be crucial to realizing the goal of building a "moderately prosperous society in all aspects" by 2020.

"As long as we stay on the course of reform and opening up, China's economy will not suffer a hard landing," Premier Li Keqiang told a press conference after the close of the session.

"There are both difficulties and hopes for China's economy. But given the underlying trends and fundamentals, there are more hopes than difficulties," said Li.

There is enormous potential in the massive Chinese market and immense creativity among the people, said the premier.

The supply-side structural reforms China has been pursuing, including streamlining administration, delegating government powers and cutting corporate taxes, are designed to unleash more market vitality, he said.

"There is much room for us to boost industrialization, and urbanization represents the largest source of China's domestic demand," said Li. "In China's central and western regions, there is enormous room for more effective investment."

"Propelled by new growth drivers and upgraded traditional ones, China's economy will be able to get through difficulties and rise to a more promising level," he said.

Last year, global economic growth slid to a six-year low. But still China managed to meet its economic development target of around 7 percent.

Instead of resorting to massive stimulus measures, the country has chosen a much harder but sustainable path of development -- pursuing structural reforms, said the premier.


(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Liang Jun,Bianji)

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