Chinese economy not heading for 'hard landing': Li Keqiang

Addressing a gathering at the World Economic Forum (WEF) here, he asserted that China would continue to move on the path of reforms and encouraging innovation.

Davos: Seeking to assuage concerns over China's slowing growth, Chinese premier Li Keqiang today said the country's economy is not heading for a "hard landing".

Addressing a gathering at the World Economic Forum (WEF) here, he asserted that China would continue to move on the path of reforms and encouraging innovation.

"Chinese economy will not be heading for a hard landing", Keqiang said while emphasising the need for structural reforms to ensure good growth.

His comments come a day after latest official data showed that China's economy grew 7.4 percent last year, slumping to a 24-year low. The International Monetary Fund (IMF) has also projected that China's growth rate would further decline to 6.8 percent this year and 6.3 next year falling behind India's 6.5 percent.

"Structural reforms must be carried forward... It must be carried through, no matter how difficult, to generate new momentum for global development," Keqiang said.

Even while acknowledging that its gear of growth is shifting from 'high speed' to 'medium to high speed', Keqiang said the Chinese economy would be entering an advanced stage that would bring new growth and opportunities.

The current moderation in growth rate reflects profound adjustment in the global economy, he said.
Assuring that China would avoid adopting indiscriminate policies, he said it is committed to the peaceful development.

Free trade should be vigorously promoted and protectionism should be rejected, he added.

Meanwhile, in a separate address, Swiss Federation President Simonetta Sommaruga said globalisation creates uncertainty.

Noting that there is uncertainty in Europe, she said structural changes produces winners and losers.

"What we need is business people who want to give others a chance," she said, adding that business people should also have benchmark in terms of corporate culture.

Referring to the recent terror attack at satirical publication Charlie Hebdo in Paris, she said the whole incidents was an attack on the concept of freedom.

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