November 8, 2017 / 11:19 AM / a month ago

China vows to keep macro-policies stable in 2018

BEIJING (Reuters) - China will maintain macro-policy stability next year and take steps to fend off economic risk, state radio on Wednesday quoted Premier Li Keqiang as saying.

FILE PHOTO: Apartment blocks are pictured in Wuqing District of Tianjin, China October 10, 2016. Picture taken October 10, 2016. REUTERS/Jason Lee/File Photo

The government will deepen supply-side reforms by eliminating outdated industrial capacity, state ratio quoted Li as telling a meeting on the economy.

The economy was on track to hit the government’s annual growth target this year but still faced some uncertainties, Li added.

“The deep-seated contradictions in the domestic economy remain striking and various risks and hidden perils cannot be ignored,” Li said.

China’s economy has recorded better-than-expected growth of nearly 6.9 percent through the first nine months of this year, thanks to strong government infrastructure spending, a resilient property market and unexpected strength in exports.

The economy grew 6.7 percent last year, the slowest in 26 years, and the government has targeted expansion of around 6.5 percent this year.

Reporting by China monitoring desk and Kevin Yao; Editing by Nick Macfie

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