China reaffirms goals to rebalance economy, reduce poverty and improve the environment
Beijing has made significant progress towards realising President Xi Jinping’s targets, but work remains to be done, Li Keqiang tells NPC
China will continue to focus on supply-side reforms, financial risks, poverty and the environment this year and beyond in the drive for “high-quality growth”, Premier Li Keqiang said on Monday.
With an annual growth target of “about 6.5 per cent” for 2018, Li made it clear in his two-hour speech to the national legislature that the speed of economic expansion was less of a worry now that the risk of a hard landing had faded.
Li told the 3,000 or so delegates to the National People’s Congress that China had already made significant progress in rebalancing its economy, taming financial risks, reducing poverty and curbing pollution over the past five years, but more needed to be done to realise President Xi Jinping’s goals.
“In particular, we must achieve substantial progress in the tough battles of addressing big risks, poverty reduction and pollution prevention,” said Li, who is officially second in the Chinese leadership but is overshadowed by Xi and his allies.
The central government, he said, would try to contain financial risks partly by “striking hard against illegal fundraising” as well as curbing local government debt.
