China’s top economic planning official on Sunday said it is impossible that the Chinese economy would have a “hard landing” — or a sharp slowdown after a period of robust growth — and offered assurances that it would continue to contribute to global growth, not hinder it.
Xu Shaoshi, director of the National Development and Reform Commission, said at a news conference that China’s economy has inner flexibility and abilities to resist risks.
“I can say, China’s economy will absolutely not have a hard landing,” Xu said. “The so-called predictions for a hard landing will definitely come to nothing. Please rest assured, this possibility does not exist.”
Last year, China’s growth slowed to a 25-year low of 6.9 percent — but Xu said that this was still one of the fastest expansion rates in the world. On Saturday, Premier Li Keqiang said in a report to the annual National People’s Congress that authorities set a growth target of 6.5 to 7 percent for this year.
In his remarks at a news conference on the congress’ sidelines, Xu said China would remain stable despite sustained turbulence in the global economy.
“We are completely capable of running China’s economy within a reasonable range,” Xu said. “We are fully confident about the prospects for development.”
“Our contribution to the global economy is very obvious,” he added. “We are still a major engine for the growth of the world economy.”