China remains important engine for world growth: Premier Li

Chinese Premier Li Keqiang meets the press at the Great Hall of the People after the conclusion of the annual national legislative session in Beijing, capital of China, March 15, 2017. [Photo: Xinhua]

China will remain an important engine for world growth amid sluggish global economic recovery, Premier Li Keqiang told a press conference Wednesday after the close of the national legislature's annual session.

Given China's GDP has exceeded 74 trillion yuan (about 11 trillion U.S. dollars), the 6.5-percent growth this year does not mean the country's contribution will be coming down, according to Li.

A lower growth target will enable China to put more efforts in improving the quality and efficiency of economic performance, the premier said.

"I should say that the growth target of around 6.5-percent is not a low speed and it will not be easy to meet," he said.

"If we meet the growth target this year, the size of expansion will be bigger than the growth last year," Li said.

He also struck a confident tone in the country's financial stability, ruling out the possibility of systemic risks as "the country has plenty of policy options at its disposal."

"China's financial system is generally safe," the premier said.

China's budget deficit to GDP ratio stands below 3 percent, the capital adequacy ratio of commercial banks is 13 percent and their provision coverage ratio is at 176 percent, all above the international standards for financial security, he cited a set of data to support his view.

Acknowledging potential risks in the financial sector, Li said the government will take them seriously and adopt prompt and targeted measures to prevent them from spreading.

China will "fasten the seat belt" and prevent any "acute outburst" of financial risks on the track for maintaining medium-high growth speed, Li said.