Premier Li Keqiang says there is such thing as hard landing of Chinese economy

Chinese Premier Li Keqiang has shrugged off predictions of a so-called "hard landing" of the Chinese economy as he took questions from journalists on Wednesday.

In economic terms, a hard landing refers to a rapid slowdown in growth and approaching recession.

Meanwhile, the premier has assured that the country's economic activities will create enough jobs for the people.

The world's second-largest economy has set the goal for its growth in 2017 at around 6.5 percent, lower than a 6.5-7.0 percent range set last year.

The trimmed target is highlighted in many media reports as the lowest in 27 years.

But Premier Li Keqiang sees it in a different way.

Facing journalists on Wednesday, he quoted one scene he witnessed in China's martial art Holy Land, the Shaolin Temple.

He said martial art performers aged under 10 could easily make more than 10 somersaults without a break, but as for their adult counterparts, it was rarely possible to do the same.

The premier explained it was simply because adults were physically larger.

Li suggested a similar theory could also apply to the growth of the Chinese economy, whose size currently stays at around 11 trillion US dollars.

He emphasized a growth of 6.5 percent will, as a matter a fact, generate more economic activities than in the year before.

"So the growth target is in line with economic rules. It will also allow us to focus on improving the quality and efficiency of our economic activities. Amid a sluggish world economy, the Chinese economy will remain as a major engine. Of course we are facing many risks, externally and internally. But for China, the biggest risk is a halt in development."

Premier Li Keqiang said job creation is the main purpose for seeking what he called a stable 6.5-percent growth.

China is planning to create at least 11 million jobs in urban areas in 2017.

On the other hand, schools across the country are expected to release nearly 13 million graduates this year.

New jobs are also needed for people set to be laid off from industries with excessive production capacities, such as coal and steel, as the country continues with the efforts to cut overcapacity.

According to the plan of the central authorities, the country is expected to reduce coal capacity by 150 million tons, and steel capacity by 50 million tons, in 2017.

Since taking office 4 years ago, the Chinese Premier has been pushing for a strategy of encouraging the spirit of entrepreneurship and innovation among the general public in a move to enhance small-and-medium-sized businesses in the private sector.

Li said the strategy will also have an effect on employment.

"We are hoping to create an environment that is friendly to entrepreneurs. Gone are the days when the government provides a large quantity of stable jobs. Now it is the people who are relying on their wisdom to create jobs for themselves. The strategy of entrepreneurship and innovation has helped China to transform its industries, and many new economic models have emerged, such as sharing economy, and economic activities based on the internet. This in return will create many new jobs."

Official data show over the past three years, more than 30 million businesses were registered.

Premier Li attributed the booming number to a government act to reduce red tape.

The current government says more than one third of its administrative approval programs have been scrapped since 2013.

Premier Li said endeavors in this direction will continue.