China, the second largest economy in the world, has probably reached the end of the ultra-high growing speed of its GDP, said Monday the Chinese president, Xi Jinping, quoted by AFP.
“I don’t think we will be able to sustain an ultra-high speed of economic growth and it is not what we want either,” said Xi. “Still it is possible for us to sustain a relatively high speed of economic growth. The Chinese economy is in good shape,” he added.
China recorded an average annual GDP advance of 9.9% after opening the country’s economy, a pace “rarely seen in the history of world economic development,” said the Chinese president.
Xi made the statements at a meeting of the Boao Forum for Asia on the island of Hainan in southern China, an annual gathering of political and business leaders.
Xi mentioned problems on the Asian continent: “Stability in Asia now faces new challenges as hot spot issues keep emerging and both traditional and non-traditional security threats exist.” China is North Korea’s closest ally. He added: “And no one should be allowed to throw a region, even the whole world, into chaos for selfish gains.
Urbanization, industrialization and modernization of agriculture are further reasons for optimism for the future “upward trajectory” of the economy, Xi said, without giving exact figures.
China’s economy grew by 7.8% last year, the slowest advance of the last 13 years due to global economic problems, but also due to internal issues in China. Growth was slower than in previous years, “partly due to our efforts to control the speed of economic growth and speed up the transformation of the growth model,” he said.
China announced in March that the economic growth target for this year is 7.5%, the same goal as last year. Xi became president in March, after he took over the leadership of the Chinese Communist Party in November.
Reply