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China's economy not heading for hard landing: top economic planner

By Sun Wenyu (People's Daily Online)    11:26, January 11, 2017

China's economy is not moving in an unhealthy direction, said Xu Shaoshi, chairman of the country's National Development and Reform Commission (NDRC) on Jan. 10. Xu made the remarks at a news conference on China's economic new normal and supply-side reform, held by the State Council Information Office.

China's economy is expected to grow about 6.7 percent in 2016, and the economy is predicted to exceed 70 trillion yuan (about 10.1 trillion U.S. dollars) for 2016, an increase of 5 trillion yuan, Xu said.

Given a steady economic performance, China can maintain its economic growth within a reasonable range, said the chairman, countering predictions that a sharp downturn and hard landing are inevitable. According to Xu, more than 13 million jobs have been created in urban areas, and a total of 16 million people from rural areas are expected to settle in cities. In addition, the country lifted more than 10 million people out of poverty in 2016, relocating 2.49 million people in impoverished regions.

The chairman noted that the number of unsold houses has been reduced for each of the last nine months. He said related departments and local governments will take specific measures to cope with high property prices in first- and second-tier cities, as well as high inventory in third- and fourth-tier cities.

"Recently, housing prices have been effectively curbed, and the government is creating long-term mechanisms to promote the steady and sound development of the real estate industry, including laws, regulations and financial policies," Xu added. 

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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