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Premier says China on track for 7.5% growth

China is on track to fulfill its growth target of 7.5 percent this year and the country will see a “diamond” decade of closer cooperation with ASEAN members, Chinese Premier Li Keqiang said yesterday.

“The world economy is experiencing an in-depth adjustment and there are many structural challenges globally,” Li said at the opening of the China-ASEAN Expo in southern China’s Nanning, capital of Guangxi Zhuang Autonomous Region. “But China is confident of achieving this year’s economic goals as we have maintained stable development since the first half.”

He added: “We are determined to lay a sound foundation for next year, for the future and for long-term sustainable and healthy economic development.”

Li called for closer cooperation with ASEAN countries.

“We have witnessed the gold decade of collaboration, and we will continue to create a diamond decade with ASEAN countries,” Li said.

In the past 10 years, China’s trade with ASEAN countries had jumped five-fold, making it the nation’s third-largest trading partner, while bilateral investment had tripled.

However, Li expressed concerns over recent capital outflow from Asia as some developed countries had announced they may end their ultra-loose monetary policies.

It had been reported that economies from Brazil to Indonesia had struggled to cope with capital outflow as United States interest rates rose ahead of an expected tapering of the US Federal Reserve’s bond buying program that funneled liquidity across the world.

“ASEAN countries should unite as we are in one boat to cope with the risks and challenges,” Li said.



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