In a bid to defy doomsayers' predictions that the days of China's booming economy are coming to an end, Vice-Premier Li Keqiang said yesterday the country had the ability to maintain stable, relatively fast economic growth over the long run.
His comments were made during the opening ceremony of the 2012 Boao Forum for Asia on the southern resort island of Hainan .
While some Asian countries faced downward pressure on growth and inflationary pressure, China's economic fundamentals were good, he said during the forum, joined by political and business leaders from the region.
The central government would stick to its policy of stabilising economic growth while curbing inflation, Li said.
Li, who is expected to become premier in March, also pledged to make further efforts to restructure the economy and to provide a level playing field for foreign investors. His comments come as concern is mounting over the sustainability of China's economic growth amid a global slowdown.
Growth in the world's fastest-growing major economy slowed to 8.9 per cent in the fourth quarter of last year - the fifth consecutive quarter of slower growth. Some economists say the country's three decades of double-digit growth has come to an end, amid rising costs and a shortage of labour in a rapidly ageing population.
Premier Wen Jiabao said last month the government had scaled its economic growth target back to 7.5 per cent this year, down from the 8 per cent Beijing had set as a minimum growth target in the past eight years.