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Need to join forces to avoid instability post Brexit: Chinese Premier
June 28, 2016, 5:26 am

The U.K. voted to quit the European Union last week, sending shock waves through world markets [Xinhua]

Chinese Premier Li Keqiang has said the country will be able to maintain medium- to high-speed growth rates and has room to apply proactive fiscal measures.

He was speaking at a World Economic Forum event in Tianjin.

China is committed to transforming its manufacturing sector by leveraging the latest technology to meet diverse demands, Li said on Tuesday.

“Manufacturing is the foundation of China’s development and the key for China’s manufacturing sector is to move up the value chain,” Li said during a session with business executives at a meeting of the World Economic Forum in the northern Chinese city of Tianjin.

In the wake of Britain’s shocking vote to leave the EU, the Chinese Premier stressed that global economies must work in tandem to prevent the spread of panic and maintain stability in capital markets.

“It’s hard to avoid short-term volatility in China’s capital markets, but we won’t allow roller-coaster rides and drastic changes in the capital markets,” said Li.

“No country can depart from the world economy to promote development of itself. So we need to join forces,” he added.

Li also stressed on China’s commitment to “build a fairer, more just and open international economic system”.

“The world’s major economies, while making macro-economic policies, should consider not just their own growth needs but also the spillover effects of their policies,” Li said.

 

TBP and Agencies

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