Tuesday, 16 October, 2018

China to meet growth targets, says Li

China to meet growth targets, says Li China to meet growth targets, says Li
Laurie Berry | 28 June, 2017, 06:58

In the next five years, China will import goods worth US$8 trillion, he added.

In a sign that ties are on the mend, Deputy Prime Minister Tharman Shanmugaratnam and Chinese Premier Li Keqiang have agreed to deepen cooperation on the Belt and Road initiative and push for greater economic integration of the two countries by the timely conclusion of the China-Singapore Free Trade Agreement (CSFTA) and the Regional Comprehensive Economic Partnership (RCEP), a trade agreement covering 16 nations.

In January, President Xi Jinping made a rare appearance at the Swiss resort town, paying tribute to globalisation and free trade, days before Donald Trump's inauguration as United States president - in contrast to Trump's "America first" approach.

Speaking Tuesday at an economic conference, Li gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change.

Trade disputes should be dealt with according to the different situations in different countries, Li said.

Li underpinned the positive role of globalization in promoting the free flow of merchandise, capital and human resources, which creates a bigger market for producers and more choices for consumers that benefit all countries.

"Just like when we sprain our ankle when walking down the road, we shouldn't blame the road and stop walking", he said.

Travelers to Leave Town in Record Numbers
With July 4 falling on a Tuesday, some workers will get a four-day weekend, making a quick road trip even more inviting. It's the busiest travel holiday in summer because school's out and families can plan longer vacations around it.

Li said the government is "fully capable" of hitting its economic development targets.

Premier Li said that it is easier to achieve inclusive growth in the new round of industrial revolution, compared with previous ones, as it is marked by the internet, digitalization and intelligence, not only creating new supply and demand, but also bringing equal opportunities for all. The registered urban unemployment rate has remained at around 5 percent.

There are fears the world's second-largest economy will lose momentum as policymakers curb freewheeling credit and property purchases that have powered growth for years, amid warnings of a potential debt-induced financial crisis.

In the first three months of the year China expanded by a better-than-expected 6.9 per cent, raising hopes the economy was stabilising.

The premier acknowledged there are "some risks" in the financial system but said they are "generally under control".

He described mass entrepreneurship and innovation as an effective way to realize inclusive growth, saying the process engages and benefits people extensively.

Li stressed the importance of job creation, and noted that while new technologies such as artificial intelligence and robotics could cause job losses, those are offset by growth sectors such as e-commerce, mobile payments and bike-sharing.

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