From the World Economic Forum in Dalian, China, there are reassurances for investors and world markets. Chinese premier Li Keqiang has promised that there will be no further devaluations of the national currency. Furthermore, the premier confirmed that China and its authorities have all the tools to deal with the situation and prevent a further slowdown of the economy.
The premier attempted to reassure spirits after the collapse of the Chinese stock market and the three devaluations of the national currency which raised fears of the start of a currency war. On the one hand, China therefore reassures about the end of the devaluations of the renbinbi, but on the other it confirms its doubts about the country's growth. In fact, the premier also underlined the Chinese central bank's willingness to intervene with all possible instruments when there should be an increase in risk and a decrease in the established growth, below the minimum set range.
According to the Japanese statistical institute, the country grew by 2015% in the first half of 7, but some economic data, in particular the manufacturing PMI index, seem to portray a much gloomier situation. The debt issue is also complex: while public debt is largely under control, that of local administrations is well over double the GDP.
Despite the difficulties, the premier reiterated that China must not be a source of concern for the rest of the world, but of growth and stability.
