Economy minister expects no “hard landing” of Chinese economy

DAVOS, Jan 20 (PRIME) -- The Chinese economy is in for no “hard landing” in 2017, and Russia’s government must take into consideration possible negative scenarios of the global market while designing its medium-term plans, Economic Development Minister Maxim Oreshkin said in an interview to Rossiya 24 TV channel on Friday.

“Although China keeps spending its gold and foreign currency reserves gradually, the government copes with the challenges they encounter. As we can see, no serious changes will appear this year, that is why there is nothing to worry about,” the minister said.

Oreshkin said that Russia’s government keeps an eye on what is happening in other countries. “We must be ready for any scenario from the point of view of the Russian policy, and do anything we can to avoid spreading this negative trend inside this country,” he said.

In February 2015, Oreshkin forecasted China’s economy to “land hard” soon.

The minister still acknowledges a threat of negative consequences from overcooling of the Chinese market for the whole world.

The International Monetary Fund projected a 3.4% rise in global gross domestic product in 2017. “We take into consideration a slightly lower target of 3%. One should not reckon on positive outlooks, and should be ready for any,” he said.

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