On March 16, 2016, Li Keqiang stated at a press conference that China’s economy will not have a hard landing and that Government officials will be held accountable if they do not do their jobs.
"We are fully confident in the long term prospects for the Chinese economy. This confidence is not without basis. We firmly believe that, as long as we continue to reform and open up, China’s economy will not suffer a hard landing."
Li expressed that last year, due to multiple factors, the mainland’s stock market went through abnormal fluctuations and the authorities took comprehensive measures to stabilize the market only to prevent systemic financial risks. As the situation has changed, there is now a need for reform and a need to improve the financial regulatory system. Efforts should be made to achieve full coverage without leaving any regulatory gaps. At the same time there must be coordination among the authorities, as well as accountability.
Li stressed that reform and improving the financial regulatory system is a process and all cognizant departments and local governments should continue to do their jobs in accordance with the existing descriptions of their responsibilities. “Otherwise, you will be held responsible for the slackness.” The press conference lasted two hours and ten minutes with close to 1,200 foreign and domestic reporters in attendance.
Source: People’s Daily, March 17, 2016