China H1 economic growth in line with expectations: premier

ULAN BATOR - The performance of the Chinese economy in the first half of the year was steady and in line with expectations, and China is confident of achieving its main full-year development targets, Chinese Premier Li Keqiang said on Friday.

"New economy is vibrant, new business forms are booming, and new growth momentum is accumulating," Li said in a keynote speech at the 11th Asia-Europe Meeting (ASEM) Summit in Ulan Bator.

The comments came shortly after the release of China's key macroeconomic data earlier in the day. Official statistics showed China's gross domestic product (GDP) expanded 6.7 percent year on year in the first half of 2016 to reach 34.06 trillion yuan ($5.08 trillion).

Economic growth in the second quarter was slightly faster than expected, holding steady from the first quarter and fueling hopes that the economy has entered a period of relatively slower but steady growth.

Li said that China's current government debt ratio is low while household savings rate is high, with still ample policy tools available.

"China will unswervingly stick to the reform and open-up policy, and push forward its structural reforms, especially supply-side structural reforms," the premier said.

China is confident of achieving the main development targets set for this year and ensuring medium-high economic growth rates to take the economy to medium-high levels of development, Li said.