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Premier’s speech boosts confidence in Chinese economy

Updated: Jun 28,2016 11:19 AM Daily

Despite unavoidable short-term fluctuations in growth during transition, China’s economy will not suffer a hard landing, said Premier Li Keqiang while addressing the opening ceremony of Summer Davos Forum in Tianjin on June 27.

“We can deliver the major targets of economic and social development set for 2016,”Premier Li said.

The Premier’s speech sparked widespread concern and heated discussion among the attending guests, who further interpreted the positive signals released in Premier Li’s remarks.

“The Premier explicitly mentioned in his speech that we not only have sufficient policy tools to keep economic performance within the reasonable range, but also have strong ability to prevent systemic or regional risks. This statement further boosts people’s confidence in China’s sustained and stable economic growth,” said Chen Zhangliang, vice-chairman of the China Association for Science and Technology.

“We have every reason to be confident in the future development of China, and we will continue to make long-term investments in China,” said Wu Weijun, chief partner at PricewaterhouseCoopers Beijing.

Ondrej Frydrych, CEO of Home Credit Consumer Finance Co, said he also has strong faith in the Chinese market, adding that his company will invest up to 6 billion yuan ($903 million) in China in the next two years.

Innovation is the primary driver of development and an important part of supply-side structural reform, said the Premier in his speech.

“Only through technological innovation, industrial upgrading and global collaboration can the world economy overcome crisis,” said Wang Jiwu, board chairman of Tus-Holdings.

Chuan Neo Chong, chairwoman of Accenture Greater China, noted that the new generation of information technology and digital innovation are playing a key role in the Fourth Industrial Revolution, and China must continue to increase investment in technology development, talent training and business incubators.

And Kenneth Macpherson, CEO of Intercontinental Hotels Group Greater China, said that he felt very excited that the Premier listed tourism as one of the five “happiness industries”, and the group will continue to focus on investment in the Chinese market and seize the enormous market opportunity brought by consumption upgrades in China.