China has enough policy tools to keep the economy stable despite "deep rooted" structural problems and downward pressure, Premier Li Keqiang said on Thursday, channeling calm amid concerns about the country's slowdown.
Speaking at an annual forum in Boao on the southern Chinese island of Hainan, Li said high economic growth rates are not sustainable, so the government will pay more attention to the quality and efficiency of economic growth.
The comments echoed previous statements by policymakers who are grappling with the challenge of slowing growth, soaring debt and a pressing need to drive restructuring and overdue economic reforms.
"Domestically, China faces deep-rooted, structural problems and the economy continues to face downward pressures, especially as we try to restructure and upgrade," Li said.
The renminbi currency, watched closely by global markets, will be kept within "a reasonable range", Li told the forum.
"China is a responsible nation and there’s no possibility that our exchange range will depreciate in the long-term," he said.
