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Chinese Premier: China's economy has tremendous potential and stability

March 13, 2014, 13:06 UTC+3 BEIJING
Premier of the People's Republic of China State Council Li Keqiang points government "Has been always devoting much attention to financial and debt risks-related matters"
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Li Keqiang

Li Keqiang

© EPA/ROLEX DELA PENA

BEIJING, March 13,  /ITAR-TASS/. The Chinese economy has a "tremendous potential and stability", and the People's Republic of China (PRC) "has available resources and conditions" for ensuring the economy's functioning in 2014 "within reasonable limits", Li Keqiang, Premier of the PRC State Council, told journalists here on Thursday at a news conference on the results of the 2nd session of the 12th National People's Congress (NPC) the top legislature of the country.

Li Keqiang pointed out that government, when establishing the economic growth maintenance level in China at 7.5% this year, proceeded from the assumption that the designated indicator would be put within a "flexible framework". He stated that "a sufficient number jobs" must be created in the country.

The Chinese Head of Government also said, "It is essential to continue to enhance the management of State budget, to broaden real possibilities, and to close loopholes for wrongdoing". The Head of the Chinese Cabinet stated that "The PRC has been always devoting much attention to "financial and debt risks-related matters" and that "the question of a national debt audit was decided upon" last year. The Premier of the PRC State Council said the audit findings showed that "the national debt is not only manageable" but that its level "is below the critical mark".

When speaking of financial risks existing in the Chinese economy and touching upon the theme of "shadow banking", in particular, Li Keqiang pointed out, "It is necessary to strengthen management, observe the Basel III standard in the field of banking regulation, and enhance monitoring to avoid emergence of regional and fiscal system risks".

When delivering a report at the opening of the NPC session on March 5, Premier of the PRC State Council Li Keqiang pointed out that in the current year the government is faced with making a breakthrough "in reforming the most important spheres of economic and social life of the country". He said, specifically, that it is necessary "to raise the role of domestic demand, stimulate modernization of agriculture, support innovative development and a renewal of the economic pattern, develop the spheres of health care and insurance, and lower unemployment rate". In particular, another ten million people are to get jobs in towns while the percentage of jobless in towns will be 4.6.

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