09/10/2015, 00.00
CHINA
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Li Keqiang tries to reassure markets, stresses a bright economic future

China’s premier told the World Economic Forum in Dalian that his government will not carry out any further quantitative easing and that China’s economy will meet its growth target. Whilst pledging more reforms, he did not mention the plunge in share values.

Dalian (AsiaNews/Agencies) – China's economy is to improve in future since it has a solid base and strong impetus, said Chinese Premier Li Keqiang at the World Economic Forum in Dalian, north-eastern China.

Ruling out another round of quantitative easing, he noted that growth forecasts for 2015 would be met and that opportunities still outweighed any challenges.

Li said that this was not a blindly optimistic forecast because huge potential and inner tenacity provide advantages for better economic development.

He added that his government would undertake new steps in terms of the new industrialisation, informatics technology, urban renewal and agricultural modernisation. In his view, reforms already implemented to create sustainable development have been successful.

China’s second in command did not address last month’s plunge in share value at the Shanghai Stock Exchange. However, he told the forum that the government had no plans to devalue further China’s currency. Any move in this direction could trigger a currency war, at least among Asian nations.

This will not happen, according to the premier, because "we have ample foreign exchange reserves”. In addition, household savings remain high, and reforms will allow for appropriate allocation of resources.

To achieve this, “we will continue to develop a multi-tiered capital market in China and pursue a market-driven and law-based approach in this process. The purpose is to establish an open and transparent capital market of long-term, steady and healthy growth.”

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