Li Keqiang says China will restructure without further slowing growth

Premier Li Keqiang asserted that “it would be impossible for me” to say China would fail to reach its growth target of 6.5-7% due to the impact of economic restructuring, The Wall Street Journal reported. Speaking at the close of the rubber-stamp legislature’s annual meeting, Li stressed that downsizing in steel, coal and other sectors suffering from overcapacity would be achieved without large-scale layoffs like those of late 90’s under then-premier Zhu Rongji. “Through reform we can arouse the greater vitality of the market and the creativity of the people and expand space for everyone’s industriousness and wisdom,” Li said. “Then we can withstand the downward pressure on the economy.”