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Victoria Ruan

China faces an uphill task to meet a lower economic growth target of 7 per cent this year, Premier Li Keqiang told a press conference at the end of the National People's Congress.
 The world's second-largest economy is facing more pain because of the economic slowdown as it tries to rebalance its economy to produce more sustainable growth, Li said.
“It will by no means easy to meet this target," he said.
“The pain is still there and the pain is becoming even more intense,” Li told reporters..
“Shedding government powers will touch on vested interests,” he said.
“However painful it is, the wrist-cutting efforts will be carried out continuously until the job is done.”
China's economy grew 7.4 per cent in 2014, its slowest expansion in 24 years.
The government is attempting to reduce the country's reliance on cheap manufacturing, exports and debt to fuel economic growth.
 It wants to boost spending by Chinese consumers and cut red tape enforced by government officials. 
Li reiterated pledges to further streamline local governments’ powers to grant approvals for development and economic projects, to strengthen food safety and intellectual property rights regulations and to ensure government powers were not abused.
China will further upgrade economic structures and aims to maintain medium- to high-speed economic growth, he said.
He said China has so far refrained from adopting short-term economic stimulus policies, but the government has “plenty of tools” to maintain economic growth within a reasonable range.
It would also not let the slowdown affect the job market's stability or hurt people's growth in income,he said.
As China’s economy enters a “new normal” of growth, the government must strike a balance between stabilising the expansion of the economy and adjusting its structures, which requires ambition, perseverance and courage, he said.
“I am confident that through good co-ordination, we will be able to maintain long-term positive fundamentals for the Chinese economy,” he said.


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China faces uphill task to meet lower economic growth target, says premier

China will further upgrade economic structures and aims to maintain medium- to high-speed economic growth, Li said. Photo: Bloomberg

Premier Li Keqiang taking reporters questions during Sunday morning's press conference. Photo: Reuters

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China

Li Keqiang tells press conference at the end of the National People's Congress that the country faces more pain ahead due to the nation's economic slowdown


Update | China faces uphill task to meet lower economic growth target, says premier

Li Keqiang tells press conference at the end of the National People's Congress that the country faces more pain ahead due to the nation's economic slowdown