Xi: China Should Modify Its Economic Growth Standard
Staff Reporter | | May 16, 2014 01:53 PM EDT |
China has to modify its standard for economic growth and should not be worried about the recent down trend it its economic growth rate, President Xi Jinping said on Saturday.
"China is still in a significant period of strategic opportunity. We must boost our confidence, adapt to the new normal condition based on the characteristics of China's economic growth in the current phase and stay cool-minded," Xi said.
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Xi gave these remarks while on an inspection tour of Henan province in Central China from Friday to Saturday.
China's economic growth rate has slowly slackened since the 2008 global financial crisis.
In 2012 and 2013 the country's economy grew by 7.7 percent, a record low for the country since 1999.
China should put focus on avoiding different risks to its economy and to take prompt preventive actions to abate possible negative consequences, Xi said.
According to the president the government should relentlessly pursue to integrate its efforts to sustain growth, encourage reforms, modify structure, upgrade the people's livelihood and avoid risks so that the country will have a both unimpaired economic growth and social stability.
Xi's remarks echo recent statements of other senior officials of the government including that of Premier Li Keqiang on the supervision and control of China's economic policies.
Last month Premier Li Keqiang in a forum in Hainan Province said that China will not adapt strong short-term policies in response to short-lived economic up and down trends, but will resort to medium and long term strategies.
Just like Xi, the premier said China's push for economic growth will come from adapting appropriate reforms, fine-tuning its economic structure, and upgrading the people's livelihood.
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