China can control risks, meet 2017 growth target: Li
China can control risks, meet 2017 growth target: Li
Everett Rosenfeld | CNBC Vishal Sikka CEO and MD of Infosys
29 June, 2017, 09:07
It's a good time to further open China's capital account and domestic companies won't be afraid of opening the financial sector to foreign companies, said Li, a professor at Beijing's Tsinghua University.
Premier Li Keqiang, while speaking at the Summer Davos Forum on June 27, compared world economic prospects to the natural landscape of Dalian, Northeast China's Liaoning province, where the meeting is being held.
China eliminated more than 65 million tonnes of steel production capacity and over 290 million tonnes of coal previous year, beating government annual targets.
There are fears the world's second-largest economy will lose momentum as policymakers curb freewheeling credit and property purchases that have powered growth for years, amid warnings of a potential debt-induced financial crisis.
"Currently, China also faces many difficulties and challenges, but we are fully prepared", he said.
In the first three months of the year China expanded by a better-than-expected 6.9 per cent, raising hopes the economy was stabilising.
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The agreement builds both on the work done when Minister for Foreign Affairs Vivian Balakrishnan met his counterpart Wang Yi a fortnight ago, and when Deputy Prime Minister Teo Chee Hean met China's Vice-Premier Zhang Gaoli in February for the annual Joint Council for Bilateral Cooperation meeting, said Mr Stanley Loh, Singapore's ambassador to China.
When completed, the upgraded CSFTA will include new areas such as competition, e-commerce and the environment, said Mr Tharman, while the scope of existing areas such as investment provisions, trade facilitation and remediation, and market access will likely also be widened.
He added that China will encourage foreign firms to reinvest their profits in the country but will not restrict the cross-border movement of their earnings.
Apart from reducing overcapacity, China has reduced market thresholds and cut taxes and fees for businesses, Li noted. The registered urban unemployment rate has remained at around 5 percent.
"There is a misunderstanding about the "Made in China 2025" plan, saying the objective of such policies is to enable China not to buy foreign equipment, which, however, is impossible", Li said, pointing out that firms make their own decisions to purchase products in the age of globalization.
Global markets continue to fret about the outlook for China as policymakers have tightened financial conditions and cracked down on wanton growth in debt to defuse bubble risks.
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Air India's share in the domestic aviation market is a mere 14 per cent with Indigo and Jet Airways enjoying the lion's share. On June 5, 2017 Finance Minister Arun Jaitley said that the government should have exited the airline more than a decade ago.
White House spokeswoman Sarah Huckabee Sanders flatly denied the White House was freelancing on foreign policy. The US-led coalition and allied fighters are battling to oust the IS group from its Syrian bastion Raqa.
These energy contracts "are being negotiated and we will sign - trying to get the price up a little bit", Trump said . India and the USA also urged Pakistan to ensure that its territory is not used to launch cross-border terror strikes.
In 2012, President Obama famously warned that the use of chemical weapons use would constitute a red line , triggering US action. Days later, President Donald Trump ordered a retaliatory cruise missile strike on a Syrian government-controlled air base.
Tillerson said that "a productive next step would be for each of the countries to sit together and continue this conversation". Bahrain, Saudi Arabia, United Arab Emirates (UAE) and Egypt have cut ties with Qatar on terrorism funding charges.
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