#China’s premier #LiKeqiang says there will be no hard landing as he presses ahead with painful #reforms 

#Beijing : Chinese Premier Li Keqiang pledged there will be “no hard landing” for the world’s second biggest economy as it presses ahead with painful reforms amid slowing growth.

Mr Li Keqiang said there would be no mass layoffs of workers and said the country planned to cut red tape for business, improve financial regulation and find ways to reduce corporate debt.

The premier and other officials at the annual meeting of China’s parliament have been trying to reassure jittery financial markets and the country’s trading partners that, while pressure on the economy is increasing, Beijing is able to manage the recent slowdown.

China grew by 6.9% last year, its slowest pace in a quarter of a century.

Fears about the extent of its economic woes have provoked bouts of turmoil in global stock markets in recent months as investors weigh the potential widespread knock-on effects, including a drag on emerging nations and a slump in demand for commodities.

But Mr Li said: “We are confident that as long as we continue to reform and open up, China’s economy will not suffer a hard landing.

“Economic productivity is being held back by unnecessary government interference and we need to create a more level playing field and more oversight.”

Julian Evans-Pritchard, China economist at Capital Economics, said: “Premier Li signalled that China would continue to implement reforms this year.

“But the government still shows little willingness to tolerate the pain associated with significant change.

“It says that cutting oversupply and restructuring the inefficient state sector is a priority for this year but appears determined to avoid major job losses.”