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China Confident Despite Risks, Says Premier Li as NPC Ends

China Confident Despite Risks, Says Premier Li as NPC Ends

Bradley Kearns, Contributor

Talking Points:

  • China’s National People’s Congress (NPC) ends annual assembly
  • Premier Li confident China has measures to mitigate systemic risks
  • Li: weak global recovery poses downside risks, outlook uncertain

The National People’s Congress (NPC) of China, the country’s main political decision making body, ended its annual parliament meeting today. Premier Li Keqiang gave insight into his government’s economic status and potential reforms in a briefing after the assembly concluded.

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Commentary in regards to economic policy:

  • China did not implement quantitative easing.
  • The country has measures to mitigate systemic risks.
  • Supply-side reform will prop-up markets.

Remarks on economic transition:

  • Potential change in traditional industries.
  • Steel and coal sectors have over capacity.
  • New economy will create job growth.

Comments on domestic outlook:

  • Impossible for him to say country can’t reach growth target.
  • China is deeply interconnected with world economy.
  • Economy faces hard times but China is confident.

Statements on global outlook:

  • International economic recovery is weak.
  • Downside risks continue to persist.
  • World economic outlook is uncertain.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.