Chinese Premier Li Keqiang says the world's second largest economy is not heading for a hard landing, shrugging off concerns over the country's slowing growth rate.
Li was speaking at the annual World Economic Forum in Davos, Switzerland, a day after official data was released showing China posted its weakest growth rate in 24 years.
He admitted that the Chinese economy is facing "substantial" downward pressure.
"It must be noted that the moderation of the growth rate in China reflects a profound adjustment in the world economy and it is also consistent with the laws of economics. More importantly, we have made further progress on structural reforms. Needless to say, the Chinese economy will continue to face substantial downward pressure in 2015."
