New | In brief: Premier Li Keqiang on China’s growth target, US elections, and the future for Hong Kong and Taiwan
We bring you the key takeaways from the Chinese premier’s two-hour-long press conference
Hong Kong
“I have confidence in a bright future for Hong Kong.”
Asked “what’s wrong with Hong Kong”, China’s Premier Li Keqiang did not touch on the 2017 chief executive election or the Mong Kok riot earlier in January. Hong Kong had to put in its own efforts to develop, Li said. It could also take advantage of mainland China’s economic development, he added.
“The central government will give full support to any proposals from the SAR government that help maintain Hong Kong’s long-term prosperity and stability and contribute to the well-being of the people of Hong Kong. I have confidence in a bright future for Hong Kong,” he said. “Hong Kong’s economic growth of 2.4 per cent last year was not low.”
China’s economy
“It’s impossible for me to [agree] that China is unable to meet the decided target.”
Li said China’s pro-growth measures so far, including cuts in interest rates, should not be labelled as quantitative easing. The country’s growth was on track, he said.
READ MORE: We’ll stabilise China’s economy: Premier Li Keqiang sets the tone for the year ahead
“It’s impossible for me to side with you [and agree] that China is unable to meet the decided target,” Li said, when asked if China might fail to meet the growth target. “China’s economy will still face small and short-term swings, but if growth falls out a reasonable range, we have innovative macro tools to maintain stability of growth.”
While the world’s second-largest economy was presently facing difficulties, hopes for it were bigger than those difficulties, the premier said. China had the policy reserves to handle headwinds from the global economic slowdown. “As long as we stick to reform and opening up, China’s economy will not see a hard landing,” he said.
Shenzhen-Hong Kong stock connect
“We ... will try to launch the Shenzhen-Hong Kong stock connect programme this year.”
Li said: “We are in close communication with the Hong Kong government and will try to launch the Shenzhen-Hong Kong stock connect programme this year. Currently, the relevant authorities in mainland China and Hong Kong are in intensive consultation.”
