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Chinese Still on the Make – Some Not So Genuinely but 6.9% growth is Impressive, compared to Britain

Xu: No ‘hard landing’ for Chinese economy


TOP economic planning official Xu Shaoshi ruled out a “hard landing” for the Chinese economy yesterday and offered assurances that it would continue to contribute to global growth.


Monday 7th

posted by Morning Star in World


Mr Xu insisted that China’s economy has inner flexibility and abilities to resist risks.

“I can say China’s economy will absolutely not have a hard landing. 


“The so-called predictions for a hard landing will definitely come to nothing.


Please rest assured this possibility does not exist,” he declared.


Growth in China slowed to a 25-year low of 6.9 per cent last year, but Mr Xu pointed out that this was still one of the fastest expansion rates in the world.


Prime Minister Li Keqiang had reported on Saturday to the annual National People’s Congress that the authorities have set a growth target of 6.5 to 7 per cent for this year.


Mr Xu said that China would remain stable despite sustained turbulence in the global economy.


“We are completely capable of running China’s economy within a reasonable range. We are fully confident about the prospects for development,” he insisted.


“Our contribution to the global economy is very obvious. We are still a major engine for the growth of the world economy.”


Mr Xu said that Beijing was taking steps to reduce overcapacity in production, cutting steel production by 100 million to 150m tons over five years and another 500m tons in coal production in three to five years.


The government has set aside funds to help resettle workers affected by the reductions and there should not be any rise in unemployment.


At least 1.5m workers are facing redundancy at state-run coalmines and steel mills, while the People’s Liberation Army is shaving 300,000 jobs.


The government is also under pressure to find suitable jobs for the record 7.7m students graduating from Chinese colleges and universities this year.


The Communist Party’s central committee for discipline inspection announced yesterday that it punished nearly 300,000 officials for corruption last year.


About 200,000 were given light punishments and 82,000 handed severe penalties, including demotions within the bureaucracy, but no further details were given.


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