China's Premier Li Keqiang says his country can accommodate economic growth lower than its stated target of 7.5 per cent while signalling the government is comfortable with the ''hardly avoidable'' prospect of debt defaults within the nation's risky shadow banking sector.
Speaking at the closing press conference of the National People's Congress in Beijing on Thursday, China's number two leader said he was confident in the health of the country's economy and that bearish talk of a ''hard landing'' had consistently been proven wrong.
Mr Li conceded the ''downward pressure'' on the economy was the toughest challenge he faced last year, and said the challenge might prove even harder this time round as China pushes through a painstaking restructuring of its economy.
''There is no denying we may encounter a more complex situation this year,'' he said, raising the difficult balancing act of maintaining jobs growth, keeping inflation in check, alleviating environmental problems, all while improving the efficiency and quality of China's economic growth.
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