President Xi says Chinese economy predicted to grow about 7 pct this year

World Today

President Xi Jinping said the Chinese economy is predicted to grow about seven percent this year, which will continue to contribute as high as about one third to the global growth.

“China has the confidence and capability to maintain medium-high growth,” Xi said while addressing a Group of 20 (G20) summit in Antalya in southwest Turkey.

China shouldered the responsibility of driving economic growth in times of the world economic hardship, he said, noting that China had contributed up to 50 percent of world economic growth from 2009 to 2011.

Despite a recent slowdown, China still contributes 30 percent to world economic growth, which means that China still acts as a major world economic powerhouse, said Xi.

China’s confidence comes from its determination and actions to comprehensively deepen reform and build an open economic system, as well as the strong endogenous dynamic of China’s economy and the policy guidance of the Chinese government, he added.

China has adopted a proposal on formulating the 13th Five-Year Plan (2016-2020) on national economic and social development, which aims to build a “moderately prosperous society” and double its 2010 GDP and per capita income of both urban and rural residents by 2020, said Xi.

In the next five years, China will adhere to a path of innovative, coordinated, green, open and shared development, and will encourage a system that nurtures innovation, he said.

The country will try to realize the synchronous development of the new type of industrialization, IT application, urbanization and agricultural modernization, he added.

In the coming years, China will highlight green and low-carbon development, improve its environmental quality, become heavily involved in global economy, and carry out the Belt and Road Initiative, he said.

The world’s second largest economy will continue to vigorously improve its people’s well-being and ensure that the benefits of development are shared by all, said Xi.

All these efforts will inject strong impetus into China’s economic growth while unleashing demand for the world economy, he said.

Story by Xinhua.


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