China said on Sunday that it has no worries on what needs to be done to boost its flagging economy.
Prime Minister Li Keqiang emphasized at a press conference in Beijing that the government would take more forceful measures if slowing growth begins to hit jobs as well as the income.
He said an example of such measures include implementing constraints on government power so that the private sector can grow.
“The good news is that in the past couple of years we did not resort to massive stimulus measures for economic growth,” Li said during the two-hour-long televised news conference as reported by the Wall Street Journal. “We still have more tools in our toolbox.”
Fears are mounting that Chinese expansion, a key driver of the global economy, may slow further in the wake of official data showing production, consumption and investment growth have fallen to multi-year lows, according to a report by AFP.
China’s economy expanded 7.4 percent last year — the slowest pace in nearly a quarter of a century — and Li earlier this month reduced the Asian giant’s annual growth target to “approximately seven percent”, the lowest since a similar goal in 2004.
Nevertheless, Li dismissed theories that China’s boom has seen it overtake the US to become the world’s number one economy, describing such purchasing power parity calculations as a “misleading exaggeration”.
“According to authoritative standards, China is still the second-largest economy in the world,” he said, stressing that it remained “behind about 80 countries in the world” in terms of per capita GDP.