Xi Jinping: Chinese economy remains healthy despite downward pressure

World Today

Xi Jinping Chinese President Xi Jinping at the Great Hall of the People in Beijing Wednesday, Sept. 9, 2015. (Lintao Zhang/Pool Pool via AP)

Chinese President Xi Jinping said that China’s economy is still operating within the “proper range” despite downward pressure, and addressed the importance of further economic reforms during a written interview with the Wall Street Journal.

“China’s economic growth is still one of the fastest in the world. What China needs is higher quality and efficiency of economic development by successfully addressing the problem of unbalanced, uncoordinated and unsustainable development,” he said.

Over the past two months, China’s stock exchanges have witnessed severe volatility. Xi said that’s mainly the result of previous rapid surges and big fluctuations in the international market.

“The Chinese government has taken some measures to defuse systemic risks. Such steps have proved successful,” he added.

Xi called on foreign investors to take a long view and said that attracting foreign investment is China’s long-term policy, which will not change. He also expressed his hope that other countries will keep their markets open to Chinese investors as well.

In the interview, President Xi, who began a state visit to the U.S. Tuesday, also highlighted the close and effective cooperation between China and the U.S., although both sides differ over hot issues like cyber security and the South China Sea.

Xi believes that the two countries gain from cooperation and lose from confrontation. “Facts have shown that the interests of China and the U.S. have grown increasingly intertwined,” he said.

In terms of dealing with differences between both countries, the president cited a Chinese saying: ‘When important things are addressed first, secondary issues will not be difficult to settle.’

Meanwhile, regarding the architecture of global governance, Xi said China is involved in building the current international system and upholds the principles of the U.N. Charter. He said that China and the U.S. share broad interests and should work together to improve the system.

Xi’s interview with the Wall Street Journal also touched upon China’s foreign policy, the issue of the South China Sea, China’s security interests, and the China Dream.