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China contributes 30 pct to global growth in H1, no hard landing: Premier

English.news.cn 2015-09-10 14:05:41

DALIAN, Sept. 10 (Xinhua) -- China contributed around 30 percent to world economic growth during the first half of this year, Chinese Premier Li Keqiang said on Thursday, adding that the world's second largest economy will not take a "hard landing".

Speaking at the opening ceremony of the annual summer meeting of the World Economic Forum in northeastern Dalian city, Li said China's 7 percent growth during the first half of this year was not an easy achievement amid a slowing world economy.

He said a seven percent rise for a 10 trillion dollar economic base is much bigger than the 10 percent growth of a smaller economy in the past, placing China among the world's top major economies.

MORE CONSUMPTION

A more encouraging sign, according to Li, is that the country's economy is more oriented toward consumption, which accounts for half of China's economic output and 60 percent of growth.

Though economic growth moderated to 7 percent in the first half, retail growth in China has risen more than 10 percent so far this year. Household disposable income has also outstripped economic growth, Li said.

Employment growth exceeded 7.18 million during the first half of this year, or 72 percent of the 10 million target set for the whole year.

"I have repeatedly said that as long as there is adequate employment, a steady rise in incomes and an improving environment, slower or faster growth is acceptable," Li said.

More than 100 million Chinese travelled abroad last year and the number of visitors rose 10 percent in the first six months of this year. Chinese tourists have demonstrated strong purchasing power abroad.

At home, consumption of information, culture, health and tourism services is strong. Energy conservation, environmental protection and the green economy are also emerging to create new growth drivers, according to Li.

NO HARD LANDING

Li also said the Chinese government is capable of dealing with the consequences of growth sliding out of reasonable range and that the Chinese economy will not have a "hard landing".

Despite slower foreign trade value growth, imports of commodities have grown in volume and the country's foreign direct investment will also continue to grow at a fast pace, Li said.

The Chinese economy is changing gears. Its vast manufacturing sector is upgrading and the economy is changing from relying heavily on investment to coordinated growth from both investment and consumption.

Li said fluctuation in growth at a time when the economy is undergoing a painful, difficult transition is normal and should not be a surprise.

"We are making targeted adjustments to the economy to reduce fluctuation in the short term and prevent risk contagion from overflowing." Li said.

Related:

Premier says Chinese economy within proper range

DALIAN, Sept. 9 (Xinhua) -- Premier Li Keqiang told global business leaders on Wednesday that the Chinese economy is still running within a proper range.

The economy is stabilizing despite a slower growth pace, Li said at Summer Davos held in northeast China's port city Dalian.Full Story

China Voice: Don't ignore positive signs of China's economy

BEIJING, Sept. 8 (Xinhua) -- Recent financial volatility has cast a shadow on the Chinese economy, but people need to view the bright side if they want to have the full picture.

Chinese officials never deny that the world's second largest economy is facing trouble, it is not easy to deliver an annual growth of around seven percent after three decades of rapid expansion.Full Story

Spotlight: China economy enters "new normal" eyeing 7 pct growth rate: G20

ANKARA, Sept. 5 (Xinhua ) -- The Chinese economy has entered a "new normal" status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years, said Chinese Finance Minister Lou Jiwei here on Saturday.

Lou said it in a written statement after the 2-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara Turkey.Full Story

[Editor: huaxia]
 
China contributes 30 pct to global growth in H1, no hard landing: Premier
                 English.news.cn | 2015-09-10 14:05:41 | Editor: huaxia

DALIAN, Sept. 10 (Xinhua) -- China contributed around 30 percent to world economic growth during the first half of this year, Chinese Premier Li Keqiang said on Thursday, adding that the world's second largest economy will not take a "hard landing".

Speaking at the opening ceremony of the annual summer meeting of the World Economic Forum in northeastern Dalian city, Li said China's 7 percent growth during the first half of this year was not an easy achievement amid a slowing world economy.

He said a seven percent rise for a 10 trillion dollar economic base is much bigger than the 10 percent growth of a smaller economy in the past, placing China among the world's top major economies.

MORE CONSUMPTION

A more encouraging sign, according to Li, is that the country's economy is more oriented toward consumption, which accounts for half of China's economic output and 60 percent of growth.

Though economic growth moderated to 7 percent in the first half, retail growth in China has risen more than 10 percent so far this year. Household disposable income has also outstripped economic growth, Li said.

Employment growth exceeded 7.18 million during the first half of this year, or 72 percent of the 10 million target set for the whole year.

"I have repeatedly said that as long as there is adequate employment, a steady rise in incomes and an improving environment, slower or faster growth is acceptable," Li said.

More than 100 million Chinese travelled abroad last year and the number of visitors rose 10 percent in the first six months of this year. Chinese tourists have demonstrated strong purchasing power abroad.

At home, consumption of information, culture, health and tourism services is strong. Energy conservation, environmental protection and the green economy are also emerging to create new growth drivers, according to Li.

NO HARD LANDING

Li also said the Chinese government is capable of dealing with the consequences of growth sliding out of reasonable range and that the Chinese economy will not have a "hard landing".

Despite slower foreign trade value growth, imports of commodities have grown in volume and the country's foreign direct investment will also continue to grow at a fast pace, Li said.

The Chinese economy is changing gears. Its vast manufacturing sector is upgrading and the economy is changing from relying heavily on investment to coordinated growth from both investment and consumption.

Li said fluctuation in growth at a time when the economy is undergoing a painful, difficult transition is normal and should not be a surprise.

"We are making targeted adjustments to the economy to reduce fluctuation in the short term and prevent risk contagion from overflowing." Li said.

Related:

Premier says Chinese economy within proper range

DALIAN, Sept. 9 (Xinhua) -- Premier Li Keqiang told global business leaders on Wednesday that the Chinese economy is still running within a proper range.

The economy is stabilizing despite a slower growth pace, Li said at Summer Davos held in northeast China's port city Dalian.Full Story

China Voice: Don't ignore positive signs of China's economy

BEIJING, Sept. 8 (Xinhua) -- Recent financial volatility has cast a shadow on the Chinese economy, but people need to view the bright side if they want to have the full picture.

Chinese officials never deny that the world's second largest economy is facing trouble, it is not easy to deliver an annual growth of around seven percent after three decades of rapid expansion.Full Story

Spotlight: China economy enters "new normal" eyeing 7 pct growth rate: G20

ANKARA, Sept. 5 (Xinhua ) -- The Chinese economy has entered a "new normal" status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years, said Chinese Finance Minister Lou Jiwei here on Saturday.

Lou said it in a written statement after the 2-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara Turkey.Full Story

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