|Girish Shetti |||Mar 07, 2016 08:11 AM EST|
(Photo : Getty Images) China's top economic planner Xu Shaoshi, who heads the National Development and Reform Commission (NDRC), has said that China's economy will not experience hard landing or tough times.
China's top economic planner on Sunday voiced assurance that the country's economy is not heading for hard landing or tough times. However, he admitted that uncertainty in the global economy poses a huge challenge to the country's economic pursuits.
"China will absolutely not experience a hard landing," Xu Shaoshi, who heads the National Development and Reform Commission (NDRC), told reporters at a news briefing. "These predictions of a hard landing are destined to come to nothing."
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Xu dispelled fears that Beijing's plan to reduce overcapacity in state-owned companies is likely to result in major layoffs.
The assurance comes a day after Chinese Premier Li Keqiang announced in his speech at the National People's Congress that China has cut its growth target for 2016 from 6.5 percent to 7 percent down from 7 percent.
China's decision to slash its growth rate for the current year was seen as a definitive sign that the world's second largest economy is heading for tough times.
The country's latest Purchasing Managers' Index (PMI) data, released last week, also sparked concerns over the economy, as the data showed that factory activity in the month of February contracted at the fastest rate in four years.
Amid worry signs, Chinese officials have been trying to assure rest of the world that the country's economy is very much under control despite the apparent slowdown.
At a G20 meeting of Finance Ministers and Central Bankers in Shanghai last month, China's Finance Minister and Central Bank Chief assured global financial leaders that all possible measures will be stall economic slowdown.
Zhou Xiaochuan vowed better management of the Yuan, clarifying that China would not stage another devaluation of the Yuan.
The central bank chief also shrugged off growing concerns over the recent fall in China's foreign exchange reserves. He said the recent fall in the country's reserves is 'normal'.
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