PREMIER Li Keqiang said yesterday it would be “impossible” for China to fall short in meeting its relatively high economic-growth targets even as it pushes ahead with structural reforms, vowing there would be no hard landing for the world’s second-largest economy.

    At a news conference at the end of the annual meeting of the top legislature, Li said there are more hopes than difficulties for the Chinese economy, which grew 6.9 percent last year, the slowest pace in a quarter century. China has set growth targets at an average of 6.5 percent over the next five years.

    “China will firmly push ahead reforms,” Li said, dismissing suggestions the growth target will make it more difficult for China to carry out much-needed restructuring.

    The premier acknowledged China continues to face downward economic pressure but highlighted economic strength in some sectors.

    China will cut red tape for businesses, work to reduce corporate debt, and improve financial regulation, Li said.

    “We are confident that as long as we continue to reform and open up, China’s economy will not suffer a hard landing,” Li said.

    “Economic productivity is being held back by unnecessary government interference and we need to create a more level playing field and more oversight.”

    China’s supply-side reforms will unleash fresh economic growth drivers, Li said.

    He said China will avoid mass layoffs as it restructures to cut industrial overcapacity, with a special focus on trimming China’s coal and steel sectors this year.

    Central Government funding can be increased to help laid-off workers if necessary, Li said, in addition to a 100-billion-yuan (US$15.3 billion) fund announced in February aimed at relocating workers who lose their jobs as China attempts to curb overcapacity.

    He did not provide specific numbers on how many workers would be laid off nor give details on how workers would be relocated or retrained.

    In the past two years, China phased out over 100 million tons of steel-making capacity involving some 1 million employees, according a Xinhua News Agency report yesterday.(SD-Agencies)

    (Special report on P2; More NPC stories on P4)