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China's growth 'on track' despite slowdown, premier says


China's growth 'on track' despite slowdown, premier says


The World Economic Forum at Dalian in China has heard assurances that the second-largest global economy is bearing up, despite fears of a deepening slowdown.

The Prime Minister Li Keqiang told a meeting of Chinese and international executives – an event billed as the “Summer Davos” – that the country was a source of growth, not instability.

“We have the ability to achieve China’s main economic and social goals for this year and we will work to maintain any future development,” he said.

The premier added that Beijing would employ fiscal and monetary stimulus to keep growth on track.

The government was committed to restructuring and reform, he said, and would keep capital markets open, welcoming foreign investment.

China’s growth, debt and stock markets have all worried investors in recent months.

Amid the slowdown markets have wobbled over concerns about the leadership’s ability to oversee a shift to a new economic model – one where growth is driven by services rather than low-value manufacturing.

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