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chief economic planner said the world¡¯s second biggest economy will
"absolutely not experience a hard landing" despite growth forecast cuts.
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¡¡¡¡Predictions of an abrupt economic slowdown are "destined to come to
nothing", said Xu Shaoshi, head of China¡¯s state planning agency.
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¡¡¡¡China¡¯s National People¡¯s Congress on Saturday lowered the economic
growth target for 2016 to a range of 6.5%-7%.
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¡¡¡¡Last year, China¡¯s goal was "about 7%", but the economy actually grew
by 6.9%.
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¡¡¡¡That was the lowest expansion in 25 years.
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¡¡¡¡Chinese Premier Li Keqiang announced the lower growth range in his
opening speech at the annual meeting in Beijing, warning of a "difficult
battle" ahead.
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¡¡¡¡Mr. Xu, who heads up the National Development and Reform Commission
(NDRC), said that slowing growth in the broader world economy posed
difficulties for China this year.
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¡¡¡¡First, we estimate the slow recovery and low growth rates in the
world¡¯s economy will continue for a period of time, he told reporters on
the sidelines of the People¡¯s Congress.
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¡¡¡¡"Also we could not overlook the risks from unstable [global] financial
markets, falling prices of commodities and risks of geopolitics."
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¡¡¡¡The People¡¯s Congress, which meets once a year, sets out to determine
both the economic and political agenda for the country.
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¡¡¡¡It comes at a time when China is struggling with slowing economic
growth and a shift away from overreliance on manufacturing and heavy
industry.
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¡¡¡¡What is the National People¡¯s Congress?
¡¡¡¡Ê²Ã´ÊÇÈ«¹úÈËÃñ´ú±í´ó»á£¿
¡¡¡¡Under China¡¯s 1982 constitution, the most powerful organ of state is
meant to be the National People¡¯s Congress, China¡¯s parliament.
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¡¡¡¡The congress is made up of nearly 3,000 delegates elected by China¡¯s
provinces, autonomous regions, municipalities and the armed forces.
Delegates hold office for five years, and the full congress is convened
for one session each year.
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