Jan 26, 2016 According to China’s president, the Asian giant will focus on maintaining medium to high economic growth, in a bid to pacify investors.
China’s economy has been the Centre of several debates following a renewed plunge in its stock markets and yuan currency. This has stoked worries amongst investors over the health of the country’s economy.
Speaking during the World Economic Forum, President Xi said:
“China remains a major driving force for global economic growth. This is my first point. Second, China has the confidence and capability to maintain medium to high growth. As the world is yet to shrug off the deep impact of the global financial crisis, its economy is still in the period of profound adjustment. The Chinese economy, closely connected with the world economy, has entered a new normal, shifting from fast, quantitative expansion, to a stage of pursuing higher quality and efficiency,”
As the world’s largest producer of aluminium, steel and other metals, and the biggest consumer of copper and iron ore, China is crucial to global metals markets which have slumped in the past year as Chinese industrial demand growth slowed.
President went on to say:
“For the coming years, China’s development priority is to maintain medium to high growth, advance to medium-high ends of the industrial chain, and provide new driving forces for the economy. There is a lot we will do and can do,”
China’s economic growth slowed to 6.8 percent in the fourth quarter, the weakest since the financial crisis, adding pressure on a government that is struggling to restore the confidence of investors.