Senior Chinese officials see little risk of a hard landing as the country’s economy has shown signs of improvements, reports Bloomberg.
Li Wei, head of the Development Research Center of the State Council, has said China’s economy faces "almost zero big downside risk,” according to Bloomberg. Li said that short-term volatility is still possible, but economic restructuring in general is speeding up.
Quoting Ning Jizhe, head of the National Bureau of Statistics, Bloomberg reported that industrial output in January and February grew more than 6 percent, and the services sector expanded over 8 percent
Industrial activity also picked up, with electricity generation, power consumption and rail volume all posting steady growth, said Bloomberg, quoting Ning.
Bloomberg also reported that domestic demand has been robust and the market expectation on China’s economy has improved. The statistics chief also reiterated the government’s determination to address fake data, saying 15 cases of statistics fraud in 9 provinces last year had been investigated