World should not rely on China to lead global economic recovery, says Premier Li Keqiang
The task should be done in concert with many countries, Li tells leaders of finance and trade institutions
The world should not pin its hopes on China being the sole engine of growth to bolster the global economy, Premier Li Keqiang told heads of major international finance and trade organisations in Beijing on Friday.
China is still a developing country. We cannot shoulder the major responsibilities of the world economy
At an unprecedented round table talk with six global trade and finance leaders, Li said world economic recovery should not be driven by mainly China, but in concert with many countries.
“China is still a developing country. We cannot shoulder the major responsibilities of the world economy,” Li said.
The IMF’s upward revision of China’s gross domestic product growth had put “pressure” Beijing’s efforts to stabilise the economy, he said.
The Washington-based International Monetary Fund revised up its forecast of China’s 2016 GDP growth by 0.1 per cent to 6.6 per cent on Tuesday, citing the country’s “recent policy support”, including interest rate cuts, fiscal expansion and rising investment.
At the same, the fund trimmed its global growth forecasts again due to uncertainty following Britain’s decision on June 23 to leave the European Union, to 3.1 per cent for 2016 and 3.4 per cent for 2017 – a 0.1 percentage-point reduction for each year.