Mubasher: Premier of the Chinese State Council Li Keqiang said on Wednesday that China will maintain it macroeconomic policy stability next year, and will take steps to fend off economic risk.

The Chinese government will deepen supply-side reforms by eliminating outdated industrial capacity, Reuters quoted Li, citing Chinese public radio.

Although the Chinese economy was on track to meet the government’s target for annual growth rates in 2017, it still faced some risks, he added.

“The deep-seated contradictions in the domestic economy remain striking and various risks and hidden perils cannot be ignored,” the Premier of China noted, according to the news agency.