Chinese Premier Li Keqiang said the Chinese economy was on stable footing and that reforms will push through as planned. He also said that the debts of the local government were under control. In addition, he assured that the government would hold on to its monetary policy even if there is volatile movement in capital market. Premier Li gave his statement in the port city of Dalian in a forum with business executives and government leaders.
Li said, "China is at a critical stage of restructuring and updating its economy. China's economic fundamentals are good and economic operations are stable." Although he did not delve further into specifics, the Chinese leader stressed that his leadership would continue to keep the lower limit economic growth targets of the world's second largest economy. He also said that employment would be safeguarded as well.
According to a Reuters report, China would put the safeguards in place even as it would hasten its economic reforms. These changes included increasing the government's campaign to increase consumer consumption and liberalizing interest rates.
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