Chinese economy to tide over global, domestic challenges

2017-03-05
Xinhua

BEIJING — The Chinese government is confident that current global and domestic challenges will be overcome, according to a report delivered by Premier Li Keqiang on March 5.

The report, available to the media before the opening of the annual session of the National People’s Congress (NPC), cautioned against “more complicated and graver situations” both in and outside of China.

“World economic growth remains sluggish, and both the deglobalization trend and protectionism are growing,” it reads. “There are many uncertainties about the direction of the major economies’ policies and their spillover effects, and the factors that could cause instability and uncertainty are visibly increasing.”

Domestically speaking, China is at a crucial and challenging stage in its own development endeavors, and there are many salient challenges and problems in the economy, the report says.

Last year, the Chinese economy expanded by a 26-year low of 6.7 percent. This year’s GDP target was set further lower at about 6.5 percent.

The report, nonetheless, appears upbeat in the face of the challenges.

“The difficulties we face are not to be underestimated, but we must remain confident that they will be overcome,” the report reads.

It says China has a solid material foundation, abundant human resources, a huge market, and a complete system of industries.

The country is making faster scientific and technological progress, and has a complete range of infrastructure.

“We have good conditions for sustaining economic development, and many innovative tools and policy options for conducting macroeconomic regulation,” the report says.