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"Likonomics" gives a boost to foreign confidence
¡@Speaking at the opening ceremony of the "Summer Davos Forum 2013" held in Dalian, China on 11 September, Premier Li Keqiang pointed out that the economy of China has now reached such a crucial stage that without structural transformation and upgrading, the country will not be able to sustain economic growth. At present, the global economy is recovering at a very slow pace and the economy of China enters a crucial stage of reform. Li Keqiang made his debut as the Chinese Premier at the forum, giving a systematic presentation about thoughts on how China would react to the current economic downturn and how China would push forward reforms. He took the initiative to respond to concerns the international community had on the economy of China. His move has demonstrated the Chinese government's confidence in promoting economic development through reforms and thus sends a signal of optimism to the international community. This will create a favorable condition both inside and outside the country to ensure a steady growth.
¡@Now, the rate of economic recovery in Europe and America is slow and the Federal Reserve's exit from quantitative easing policy is looming. Emerging markets are faced with severe tests as massive outflow of funds triggers fluctuations in the stock and foreign exchange markets and a new round of financial crisis seems imminent. While the global economy is going weak, China also feels the chill. Uncertainties, such as an apparent slowdown of economic growth, a lack of confidence in the market and an increasing risk of debt issue in local governments, have already surfaced. Whether the Chinese economy would head into a "hard landing" becomes the focus of attention in the world. Against this backdrop, Li Keqiang specifically said to financial and economic dignitaries from around the world, "the present fundamentals of economic development in China are sound and the economy is stable. The adoption of a host of measures to pursue steady growth, conduct structural readjustment and promote reform has brought about a sound momentum of stable economic performance in China. The anticipated goals and major tasks that China sets for economic and social development for the whole year will certainly be achieved." ¡]ºI¦Û»´ä¡m¤å¶×³ø¡n2013¦~9¤ë10¤é¡^¡@¡½Translation by Tung-ming [ tungming23@gmail.com ]
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