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Li sees stable, healthy financial market ahead

Tony 2015-09-10 09:16:24
                                             'Effective policy steps prevent systemic risks'

China is in control, and its reform will continue. This was the message that Premier Li Keqiang delivered to an international audience in a briefing about the Chinese economy on Wednesday.

Referring to the recent wild fluctuations in the Chinese stock market, Li sought to assuage the world's concerns by saying that China is fully capable of overcoming systemic risk to its financial system.

Effective policy measures have been taken toward stabilizing the market, the premier said in a dialogue with global business leaders at the annual meeting of the New Champions of the World Economic Forum, also known as Summer Davos, in the northeast port city of Dalian, Liaoning province.

"Such efforts are made to prevent the wide spread of financial risks, and so far we can say that the systemic risks to the financial market have been prevented," Li said in his first public comments on the financial market since the Shanghai Composite Index dropped by about 40 percent in July to trigger a government-led, large-scale intervention.

However, Li said government intervention is a standard global practice and is "by no means intended to weaken or replace" the role of the market itself.

(Premier Li Keqiang meets with Klaus Schwab, founder and executive chairman of the World Economic Forum, and other global corporate leaders at the 2015 Summer Davos forum in Dalian, Liaoning province, on Wednesday)