- Chinese Premier Li Keqiang said Thursday that some defaults of investment products in the financial markets can''t be avoided, but pledged to contain systemic risk.

Chinese debt levels are below international averages and overall risks are under control and that the regulation of shadow banking activities is an attempt to start "opening the front door while closing back doors," Li told reporters at a rare press conference on the sidelines of a national leadership meeting ending Thursday.

Li also said the government''s 7.5% GDP target is a flexible one, indicating that job creation remains a prime factor of economic policy-making.

"Around 7.5% means there is flexibility. We can tolerate a bit higher or lower growth. The acceptable floor ... is a growth rate that will generate enough jobs," Li said.

Please LIKE our Facebook page - it makes us stronger