Top advisor says outsiders ‘too worried’ about China economy as CPPCC starts

(From Caixin Online)

Foreigners are too worried about the country’s economy, the head of the country’s top political advisory body said, as the annual political spectacle in the capital known as lianghui started on March 3.

Spokesman Wang Guoqing speaks before opening of CPPCC in Beijing.

Spokesman Wang Guoqing speaks before opening of CPPCC in Beijing.

The 2,200 delegates of the Chinese People’s Political Consultative Conference (CPPCC) kicked off the lianghui, which translates as two meetings, by putting forward proposals for the government to consider.

The other half of the lianghui, the National People’s Congress (NPC) with its roughly 3,000 members, starts its annual conclave on March 5. Both the NPC, which acts as China’s legislature, and the CPPCC will hear reports from officials on the work of the government.

A major attraction of the lianghui will be Premier Li Keqiang’s address to the opening of the NPC meeting. The premier always gives a report to lawmakers on the government’s priorities, growth goals and other matters, and many people expect Li to offer some ideas on how China will navigate the shoals of a slower economy.

If comments by Wang Guoqing, the spokesman for the CPPCC, at a press conference are any indication, Li will express confidence that the difficulties are manageable. Wang said the economy will not be jolted by any hard landing and suggested doomsayers abroad were off base.

I’ve seen some foreign comments stirring up the fear that China will have a hard landing, but this concern is not necessary, Wang said. These people are too worried. If they want to jinx China, the result may not satisfy them. Read more

Categories: Asia Unhedged, China

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