China’s Li Keqiang acknowledges slowing economic growth, but says Beijing has the ‘tools’ to cope with headwinds
- Premier Li Keqiang said at the Canton Fair on Thursday China is equipped to meet economic headwinds, including its power crisis
- He acknowledged growth in the third quarter had slowed, but major economic indicators remained at a reasonable level
China has “adequate tools” to tackle the economic challenges facing the country, including the nation’s current power crisis and high commodity prices, Premier Li Keqiang said on Thursday.
Though economic growth has slowed in the third quarter due to a number of factors, the government was confident China could meet its growth target of “above 6 per cent” for 2021, Li said at the opening of the Canton Fair in the southern manufacturing hub of Guangzhou.
“We have adequate tools in our toolbox to cope with such challenges, including the energy and electricity supply strains,” he said, adding policymakers would also strive to keep inflation in check.
Economic headwinds are gathering for China and a number of independent analysts have begun adjusting down their full-year economic growth estimates for the country.
04:01
Chinese manufacturing thrown into disarray as country's electricity crisis rolls on
While Li acknowledged the challenges, especially for small and medium-sized enterprises, he said China had done a good job stabilising the economy following the initial shock of the coronavirus pandemic, and major economic indicators remained at a reasonable level.