Chinese economy ‘at crucial stage’

<p>China’s economy has been described as being at a crucial stage.</p>

The Chinese economy is currently at a crucial stage, according to the country's premier Li Keqiang, speaking at the World Economic Forum.

In his appearance at the event, which is taking place in the Chinese port city of Dalian, he explained relations with overseas firms have to improve in order to support the economy.

Mr Li stated that China remains well-placed to hit a growth target of 7.5 per cent this year, despite fears a slowdown could be developing in the Asian nation.

"The foundation for an economic rebound is still fragile with many uncertainties ahead," Mr Li said in comments carried by the Associated Press news agency.

He added that without structural transformation and upgrading, China is not going to be able to sustain its current levels of economic growth in the coming years.

Schroders' chief economist Keith Wade recently claimed the Chinese economy is heading for a slowdown unless it picks up in the near future.

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