China's top economic official tried to quell fears surging debt might threaten growth, saying Tuesday financial risks are "generally under control" and Beijing can achieve this year's development targets.
Speaking at a meeting of the World Economic Forum in the northeastern city of Dalian, Premier Li Keqiang also gave a ringing endorsement of free trade and said China will stick to its commitments to fight climate change.
Li sought to dispel concern about the rapid rise in Chinese debt since the 2008 crisis, which private sector analysts cite as the biggest potential risk to the world's second-largest economy. The Moody's rating agency cut Beijing's credit rating May 25 and the International Monetary Fund urged Beijing on June 14 to take faster action to get debt under control.
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