Premier Li reiterates financial risk control

Chinese Premier Li Keqiang on Tuesday reiterated financial risk control amid a strong recovery of the economy, saying measures have been put in place to dissolve risk points.

Chinese Premier Li Keqiang addresses the opening ceremony of the 11th Annual Meeting of the New Champions, also known as the World Economic Forum's Summer Davos session, in Dalian, on Tuesday, June 27, 2017. [Photo: Xinhua]

"We will defend the bottom line of no systemic risks," Li said when addressing the opening of the Annual Meeting of the New Champions 2017, or Summer Davos, in the city of Dalian.

The premier admitted hidden perils in some industries but stressed that the situation is generally controllable, citing a low government debt ratio, high savings, and sufficient banking capital and provision coverage.

"We are capable of fending off all kinds of risks and ensuring the economic growth stays in a reasonable range," Li said, calling stagnation as the biggest risk for China.

The government has rolled out an array of measures to rein in risks in the financial sector, especially a deleveraging campaign with tightening scrutiny against risky financing and shadow banking.