The “quality” of economic expansion, including job creation and fighting pollution, is as important as its speed amid uncertainty over whether China will reach its growth target this year, Premier Li Keqiang said.
In a speech to businessmen and politicians in the German port of Hamburg today, Li repeated that China still expects economic growth of about 7.5 percent this year.
Though China may exceed or miss that target, the nation doesn’t “face a hard landing as some say,” he said. China has already achieved its employment target for 2014 this month after the economy added 1 million jobs, said Li, who visited Berlin yesterday.
“Stamina and perseverance” are as important as speed in the economic policy mix, underlining why China has avoided stimulus measures including using monetary policy to help meet its growth target, he said.
The Chinese economy, like that of Europe, is at a “critical” phase of development, Li said. Complex challenges including fighting pollution are weighing on the nation’s ability to reach economic targets, he said.
Li said China is looking to Europe for cooperation on food security, environmental technology, combating terrorism and crime and fighting diseases such as the current Ebola outbreak.
Chancellor Angela Merkel, whose economy may be close to recession, said yesterday after talks with Li in the German capital that “in the difficult situation we’re seeing in the global economy, it’s a sign of stability that German-Chinese economic cooperation is developing nicely.”
With China facing a property slump and rising debt, the two governments agreed on a 28-page pledge to increase mutual investment, cooperate on innovation and boost competitiveness, even as they compete for export markets. Li’s trip marks Merkel’s third meeting with the Chinese leadership since March.
bloomberg.com
In a speech to businessmen and politicians in the German port of Hamburg today, Li repeated that China still expects economic growth of about 7.5 percent this year.
Though China may exceed or miss that target, the nation doesn’t “face a hard landing as some say,” he said. China has already achieved its employment target for 2014 this month after the economy added 1 million jobs, said Li, who visited Berlin yesterday.
“Stamina and perseverance” are as important as speed in the economic policy mix, underlining why China has avoided stimulus measures including using monetary policy to help meet its growth target, he said.
The Chinese economy, like that of Europe, is at a “critical” phase of development, Li said. Complex challenges including fighting pollution are weighing on the nation’s ability to reach economic targets, he said.
Li said China is looking to Europe for cooperation on food security, environmental technology, combating terrorism and crime and fighting diseases such as the current Ebola outbreak.
Chancellor Angela Merkel, whose economy may be close to recession, said yesterday after talks with Li in the German capital that “in the difficult situation we’re seeing in the global economy, it’s a sign of stability that German-Chinese economic cooperation is developing nicely.”
With China facing a property slump and rising debt, the two governments agreed on a 28-page pledge to increase mutual investment, cooperate on innovation and boost competitiveness, even as they compete for export markets. Li’s trip marks Merkel’s third meeting with the Chinese leadership since March.
bloomberg.com
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