China confident of achieving economic goals
October 1, 2013, 9:51 am

Li indicated that the government was keen to reduce red tape and state intervention in the economy [Xinhua]

“We have the confidence, conditions and ability to meet the main targets projected for our economic and social development this year,” said Li.

The Chinese premier was addressing a reception held at the Great Hall of the People to mark the 64th anniversary of the founding of the People’s Republic of China.

Li indicated that the government was keen to reduce red tape and state intervention in the economy.

The premier said that “various measures have been taken to properly handle the government’s relationship with the market and society, release the dividends of reform and galvanise dynamism in the market”.

“We have kept our macro policies stable, innovated in adjustment methods, and effectively guided market expectations,” he said.

Indicating a more relaxed outlook towards trade controls, China on Sunday inaugurated the pilot free trade zone in Shanghai, where banks and businesses will access greater freedom.

China has announced a key meeting of the ruling Communist Party of China (CPC) to discuss reforms and further opening up of the Chinese economy.

A Politburo statement said earlier the Third Plenary Session of the 18th CPC Central Committee will be held in November in Beijing.

Li on Monday said despite the complex domestic and international situation, the CPC Central Committee and the State Council made “scientific judgments and decisions” regarding China’s growth.

Li admitted the world’s fastest growing economy is still confronted with many challenges.

China’s new leadership has indicated that they would be willing to accept a slowdown to some extent even as they push through reforms.

Li vowed China will accelerate its shift in growth model, intensify economic restructuring, and upgrade the national economy.

The Chinese government is targeting a 7.5 per cent economic growth expansion this year.

Source: Agencies