China can meet its economic growth targets this year, Premier Li Keqiang told an international gathering Tuesday, batting away concerns about risks in the country's financial sector.

There are fears the world's second-largest economy will lose momentum as policymakers curb freewheeling credit and property purchases that have powered growth for years, amid warnings of a potential debt-induced financial crisis.

Earlier this year Beijing set a growth target of around 6.5 percent for 2017, compared with last year's pace of 6.7 percent which was the slowest in a quarter of a century.

"We have sufficient ability to prevent various risks and ensure that the economy will perform within a reasonable range," Li told the World Economic Forum in the port city of Dalian.

He told the annual meeting broadcast online that China could "uphold the bottom line of no systemic financial risk".

After years of blistering growth China's economy has recently been slowing as the country seeks to reduce its reliance on debt-fuelled investment and exports.

But the transition has been complicated as Beijing wrestles with huge debt and excess capacity left over from massive government-backed infrastructure spending at the height of the global financial crisis.

In the first three months of the year China expanded by a better-than-expected 6.9 percent, raising hopes the economy was stabilising.

Li said the growth momentum continued into the second quarter with traditional indicators such as power generation and consumption, and new business orders, increasing "significantly".

Tweet

China regulator inspects loans to major firms: Wanda
Beijing (AFP) June 23, 2017
China's banking regulator has ordered an inspection of potentially risky loans to major Chinese companies that have invested heavily overseas, one of the firms under scrutiny said on Friday. Dalian Wanda Group said other domestic companies caught up in the review include AC Milan owner Rossoneri Sport Investment Lux, Club Med's Fosun Group and HNA Group. The China Banking Regulatory Comm ... read more

Related Links
Global Trade News

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only