Beijing confident that the economy will not make “hard landing” – RIA Novosti

© AP Photo / Andy Wong

BEIJING, March 6 – RIA Novosti, Zhanna Manukyan. The Chinese economy will not make “hard landing”, but the country’s authorities can not underestimate the existing economic risks, which in 2016 will become more complicated, said Sunday the head of the State Committee for Development and Reform Xu Shaoshi.

“Economics China in any case does not make a hard landing, this possibility does not exist, so I would ask all to calm down, “- he said at a press conference in the framework of which opened Saturday session of the National People’s Congress (NPC), the supreme legislative body of the country .

At the same time, Xu Shaoshi said that the Chinese government should not underestimate the risks. “Objectively speaking, one should not underestimate the current challenges. First of all, I think the global economic recovery in this year will continue to be slow, slow growth is also preserved. In addition, it is impossible to ignore the sharp fluctuations in the financial market collapse in the basic price Products All of these uncertainties of the global economy in various ways may affect the development of China’s economy. “- he said,

© AP photo / Ng Han Guan, File

The head of the committee, which is the main agency for economic policy, said that the pressure of the factors influencing the slowdown in China’s economic growth remains strong, and the various risks the financial sector continue to accumulate. “Estimation of the overall state of development of the Chinese economy, we can say that 2016 will add even more complexity”, – he stressed.

In spite of this, Xu Shaoshi pledged that China has “absolute confidence, opportunities and conditions in order to support economic growth in a reasonable range.

On the eve of the Chinese government has set the bar of GDP growth for 2016 year in the range of 6.5% to 7%. for the first time, the Chinese authorities have not set a specific figure. at the end of 2015 China’s GDP growth slowed to 6.9%, the worst figure in the last 25 years. at the same time Chinese Premier Li Keqiang said that “the analysis of all factors shows that China’s economy will face an even larger and more complex problems and challenges”.

According to the plan of economic and social development in 2016, China will maintain stable macroeconomic policies to ensure economic development in “an appropriate framework”. The Government will pursue a more pro-active fiscal policy and still restrained monetary policy, which will be “flexible and rational”. The government will also continue to deepen the reform of the financial sector, improve the efficiency of investment, establish new mechanisms for monitoring financial risks, reduce excess capacity, to continue the reform of state corporations. According to the government’s expectations, the country’s budget deficit will increase by 0.6% in 2016 – to 2.18 trillion yuan, accounting for 3% of GDP. Inflation is expected to reach 3%. The registered unemployment rate will be kept within 4.5%. Authorities promise to create 10 million new jobs in 2016. It is planned to reduce energy intensity of GDP by more than 3.4%.