China's top economic planning official said on Wednesday that the country has the ability to deal with economic challenges in 2016 and ensure the economy runs within a reasonable range.
Xu Shaoshi, head of National Development and Reform Commission, said at a news briefing that the economy will be affected by unstable and uncertain global conditions in the new year, while at home, it will face growing downward pressure and risk.
Although growth has slowed, it is still within a reasonable range, and signs of improvement were emerging, such as better demand and industrial structure as well as more balanced regional development, he said.
Predictions that the Chinese economy is to face a hard landing will be proven wrong, and accusations that it has dragged down the global economy are unfounded, he said.
Attempts to reduce industrial overcapacity are likely to increase unemployment in some regions, especially those dependent on steel and coal such as Shanxi and Heilongjiang provinces. Central and local governments will have policies to deal with increased unemployment, he said.
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