Highlights of Premier Li's press conference[1]- Chinadaily.com.cn

Highlights of Premier Li's press conference

(Xinhua/Agencies/chinadaily.com.cn)

Updated: 2016-03-16 11:29:57

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Premier Li Keqiang answers question of the media at his news conference. [Photo by Feng Yongbin/chinadaily.com.cn]

Premier Li Keqiang met reporters from home and abroad at a news conference on Wednesday at the end of the annual meeting of the National People's Congress. Premier Li answered questions on various topics such as the economy, financial reforms and diplomacy. Here are highlights of the event.

Financial market

China is in a good position to defuse financial risks, Premier Li said.

Last year, the non-performing loan ratios of some financial institutions increased in China because of the difficulties in some enterprises and some sectors, Li said at a press conference following the conclusion of the annual parliamentary session.

But capital adequacy ratio of China's commercial banks exceeded 13 percent, below the international warning line, and banks' provision coverage ratio was above 180 percent, higher than the level of 150 percent set by the government, Li added.

Due to multiple factors, there were some unusual fluctuations on the stock market last year, according to Li.

Chinese economy

Premier Li said that China's economy will not suffer a hard landing and there are more hopes than difficulties for the world's second largest economy.

The premier said global economic growth is sluggish and China has been affected by the weak performance. The country is also going through a transition and some deep-seated problems, which have built up over the years, have become more acute.

The supply-side structural reforms China has been pursuing, including streamlining administration, delegating powers of the government and cutting corporate taxes, will unleash more market vitality.