BEIJING: China’s No. 2 leader tried to mollify foreign concerns about its economic slowdown, saying growth is in the “proper range” and Beijing has no plans to allow its currency to decline further. Speaking at a meeting of the World Economic Forum in the eastern city of Dalian, Premier Li Keqiang said Beijing will stick to plans for market-opening reforms despite recent “fluctuations” in economic performance.
Communist leaders are in the midst of an unusually high-level effort to calm global financial markets after a collapse in Chinese stock prices and abrupt downturns in manufacturing and exports. The central bank governor, finance minister and securities regulatory agency issued similar statements last weekend that stock market turmoil was ending and the economy was stable.
“The underlying trend of the economy is still moving in a positive direction,” said Li, the country’s No. 2 leader and its top economic official. Pointing to data showing more than 7 million urban jobs were created in the first half of the year, he said, “all this shows the Chinese economy has been running within the proper range.”Li announced no new initiatives but touched on a wide range of issues that are sensitive for foreign investors in a clear attempt to assure them business conditions would remain stable.
