The Chinese economy is not heading for a hard landing and will instead stick to its current path of reforms and create far-reaching opportunities for the whole world, according to the Chinese Premier Li Keqiang.
“We will maintain our strategic focus and continue to pursue a proactive fiscal policy and a prudent monetary policy,” he said at the World Economic Forum at Davos. “We will upgrade the structure of the economy to achieve better quality and performance.”
Addressing an audience in his keynote address at the event in Switzerland, he detailed an array of reforms that the country is currently undergoing and would further achieve in the coming years. These included optimizing income distribution, encouraging entrepreneurship and reforms of its financial system like the liberalization of exchange rates. The internalization of the Chinese currency would be a long process, he later conceded.