Full transcript:
Premier Li Keqiang meets the press

Comment(s)打印 E-mail China.org.cn 2015-03-17


Chinese Premier Li Keqiang speaks at a press conference after the closing meeting of the third session of the 12th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 15, 2015. [China.org.cn]



Xinhua News Agency:

Since the beginning of last year, the banks' NPL ratio has been increasing and cases of financial risks of shadow banking have occurred from time to time. Soon many local governments will see their debt come due. As the downward pressure on China's economy grows, how do you see the growing financial risks?




Li Keqiang:

I see financial risks are the focus of your questions. It's true that there have been individual cases of financial risks in China, but we are fully capable of forestalling systemic and regional financial risks. China's economy continues to operate within the proper range and there is a fairly high savings rate in China. Moreover, 70% of local government debts are in the form of investment which boasts quite good prospect for yielding returns. We are also regulating the local government financing vehicles to ensure that we will keep front doors open and block back doors. Chinese banks have a fairly high capital adequacy ratio and ample provisions. It's true that there are non-performing loans and the NPL ratio has risen somewhat. Still, the level is quite low internationally.

这里我要表明,我们允许个案性金融风险的发生,按市场化的原则进行清算,这是为了防止道德风险,也增强人们的风险意识。今年,我们就要出台存款保险制度,而且要进一步发展多层次的资本市场,降低企业的资金杠杆率,也可以使金融更好地为实体经济服务。谢谢!Let me make clear here: Individual cases of financial risks will be allowed. We encourage the practice of balancing one's book in a market-based way to guard against moral hazard and raise people's awareness of financial risks. This year, we will set up the deposit insurance system and continue to develop multi-tiered capital markets to lower corporate leverage ratio. All these efforts will help ensure that financial services can better serve the real economy.




There have been certain developments in Taiwan last year which have affected the business cooperation between the two sides of the Taiwan Straits. As the mainland adjusts its economic structure and as mainland's economy slows down, business people from Taiwan operating on the mainland have also run into difficulties. My question is, what steps will the mainland take to boost the cross-Straits business cooperation and ensure that businesses and people from Taiwan can continue to have priority access to the mainland's development opportunities?



Li Keqiang:

People on both sides of the Taiwan Straits belong to one big family. As long as we continue to adhere to the one-China principle and the 1992 Consensus, oppose Taiwan independence and uphold peaceful development of cross-Straits relations, we will be able to lay a more solid foundation for cross-Straits business cooperation and expand the room for such business ties. To boost the economic cooperation between the two sides, we need to get both wheels in motion. One wheel is to enhance institution building. For example, the follow-up consultations on ECFA should be advanced. The other wheel is to boost mutual opening-up. As far as the mainland is concerned, closer attention will be paid to the investment made by Taiwan business people on the mainland.

这里请你传递一个带有“定心丸”的消息,就是大陆将会继续维护台资企业和台商的合法权益,保持对他们的合理优惠政策。而且在对外开放中,我们会先一步对台湾开放,或者说对台湾开放的力度和深度会更大一些。我们欢迎台商包括年轻人到大陆来创业,并且愿意推动两岸人员交流,拉近两岸民众的心理距离。谢谢!Here I would like to ask you to convey a message to all these people, which I believe will prove to be quite reassuring to them, that is the mainland will continue to protect the lawful rights and interests of Taiwan business people on the mainland and continue to pursue preferential policies towards them as appropriate. In terms of opening-up, we will give priority to Taiwan in terms of both depth and intensity of opening-up steps. We welcome people from Taiwan, including young people, to the mainland to do business. We also want to further enhance personnel interflow between the two sides so as to bring the hearts and minds of people across the Straits closer to each other.




In the last few months, China's CPI rise hovered at just about 1.5%, and in January this year, the figure was a mere 0.8%. So are we to conclude that China has entered deflation? And some people argue that China is exporting deflation and this has also affected the ROK. What is your response?



Li Keqiang:

About deflation, there are multiple criteria in evaluating deflation. A major criterion is consecutive negative growth of overall consumer prices in a country. And when it comes to CPI in China, last January we had a positive growth and the figure for February further rebounded. So I don't think there is deflation in China.

虽然中国现在的物价总水平比较低,但并不是中国向世界输出了通缩,你说叫“输出者”,实际上我们是“被通缩”。我给你举个例子,去年,我们进口了3.1亿吨原油、9.3亿吨铁矿石,量是增的,没有跌,但是价格下来了,主要是因为国际大宗商品价格大幅度下跌。对这种“被通缩”的问题,我们有应对,也有进一步的准备。当然,我们更希望世界经济能走出低迷,实现复苏。谢谢!Consumer prices in China have been quite low recently, but China is not exporting deflation. The truth is we have been on the receiving end of deflation. Let me give you one example. Last year, China bought some 310 million metric tons of crude oil and 930 million tons of iron ores on international markets. The physical volume has been on the rise, but the value contained has declined because of tumble in international commodity prices. And we are also prepared to cope with such a situation. What we hope to see is that there will be a quicker global economic recovery and the global economy will regain its momentum of robust growth.

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