China to reach growth target despite challenges

Chinese Premier Li Keqiang delivers a keynote speech at the opening ceremony of the Annual Meeting of the New Champions 2013, also known as Summer Davos, on Sept 11, 2013. [Photo by Zou Hong/chinadaily.com.cn]

DALIAN - Chinese Premier Li Keqiang on Wednesday reassured the world about the national economy's health, saying the country will reach its target of 7.5 percent growth this year despite the complex world's economic situation.

Li made the remarks while addressing the opening ceremony of the three-day Summer Davos in the northeastern port city of Dalian, pointing to growing signs of stabilization in the world's second-largest economy during the past two months.

"Such a development momentum of steady progress gives us the confidence that we can meet the economic and social development goals set for the whole year," Li said.

Li also tried to defuse concerns about the possibility of a hard landing, saying that "the Chinese economy, which is at a crucial stage of transformation and upgrading, is moving forward steadily and its fundamentals are good."

Regarding the local government debt issue, Li said the Chinese government had taken pertinent measures to regulate and address the problem, and the situation was "on the whole safe and manageable."

The country's economy grew 7.6 percent year on year in the first half of 2013. Growth fell to 7.5 percent in the second quarter of the year, declining from 7.7 percent in the first quarter and 7.9 percent in the final quarter of last year.