China’s top brass are pledging reforms and dispelling fears of a hard landing in key national meetings that started over the weekend, underscoring Beijing’s efforts to stabilize market sentiment and assert the Communist Party’s leadership.
On Saturday, premier Li Keqiang announced a growth target of 6.5 to 7 percent this year at the annual National People’s Congress, down from last year’s “about 7 percent” while the head of the National Development and Reform Commission, Xu Shaoshi, said that the country will “absolutely not experience a hard landing”.
The pledges come amid concerns about the state of the world’s second-largest economy and Beijing’s ability to manage its own economic transition, which emerged as key discussion points at the Group of 20 finance ministers and central bankers meetings in Shanghai last month.
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Craig Erlam
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