"Economic growth has been slowed down a little bit, but the trajectory of economic recovery remains unchanged," he said. Authorities will first try to prevent problems at Evergrande spreading to other real estate companies to avoid a broader systematic risk, he added. The rumbling crisis at Evergrande and other major homebuilders drove debt market risk premiums on weaker Chinese firms to a record high last week and triggered a fresh round of credit rating downgrades. "The interest of creditors and shareholders will be fully respected strictly in accordance to law," Yi said. "The law has clearly indicated the seniority of liabilities." Authorities will give the highest priority to the protection of consumers and homebuyers, while respecting the rights of creditors and shareholders, he said.