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Premier Li highlights China’s economic resilience

Updated: Mar 4,2016 10:15 AM

Premier Li Keqiang talked to a local porter in Chongqing in April 2014.

As an important economic indicator, resilience has been frequently highlighted by Premier Li Keqiang, who has said that the Chinese economy enjoys enormous resilience, potential and leeway.

Despite various doubts about the current situation, economists have never questioned the prospect and fundamentals of the Chinese economy. It is commonly believed that the Chinese government can weather a substantive degree of economic fluctuations.

As Premier Li pointed out, the resilience means the Chinese economy has been supported by its vast land and diversified industries, while the waves of new industrialization, urbanization and agricultural modernization have created colossal domestic demand.

Many analysts have noticed that China’s employment conditions stand firm despite a slowdown in GDP growth. In 2015, the country created 13 million new urban jobs, with the unemployment rate at 4.99 percent as of January. It transformed our traditional belief that only high-speed growth and high inflation can lead to high employment rates.

Premier Li stressed the resilient quality in people, saying the hardworking spirit will help us build confidence to conquer challenges.

He called for focused government attention to confront difficulties this year at a recent State Council executive meeting.