Li Keqiang: I truly admire all these resident journalists of foreign media in China for speaking Chinese so well. The biggest challenge last year was the increased downward pressure on our economy. Central government revenue registered negative growth at one point. There was the so-called “money squeeze” in the financial sector last June. Inter-bank lending rate exceeded 13%. And there was a slump in the growth of electricity consumption and cargo transport volume. There was this view in the international community that the Chinese economy would suffer a hard landing and China’s growth would drop to 3-4%. Moreover, we had only very limited room for manoeuvre in carrying out fiscal and monetary policies, and we were faced with multiple tough choices in exercising macro-control. Under such conditions, what should we do? When confronted with mounting challenges, one needs to show guts. To tackle a difficult situation, one needs to have wisdom. We held our ground. We pursued creative thinking and ways in exercising macro-control and set a proper range for China’s economic operation. That is to say, we worked to ensure that GDP growth and employment would not slide below the lower limit and inflation would not exceed the upper limit. We focused our efforts on boosting reform and making structural adjustment to ensure that the market will play a strong role. Under the leadership of the CPC Central Committee with Comrade Xi Jinping as General Secretary and thanks to the concerted efforts of the entire Chinese people, we faced the pressure down and met our targets.
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