China should adapt to new norm of growth: Xi
                 English.news.cn | 2014-05-10 21:09:06 | Editor: Mengjie

ZHENGZHOU, May 10 (Xinhua) -- Chinese President Xi Jinping said Saturday that the country should adapt to new norm for its economic growth and be cool-minded amid slowdown in the world's second-largest economy.

Xi made the remark during his inspection tour to central China's Henan Province from Friday to 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.

The country's economy has gradually slowed since the international financial crisis in 2008. Its economy expanded by 7.7 percent in both 2012 and 2013, the slowest pace since 1999.

However, China should also attach great significance to preventing diversified risks for its economy and take timely countermeasures to reduce potential negative effects, Xi said.

"The basic conditions for sustaining the country's growth have not changed, so we should stick to the fundamental principle of seeking progresses while maintaining stability in economic work," he said.

The government must continue to coordinate the relations of stabilizing growth, promoting reforms, adjusting structure, improving people's livelihood and preventing risks so as to ensure sound economic growth and social stability, according to Xi.

Xi's words are in line with recent message from some other senior officials concerning the direction of China's economic policies.

Premier Li Keqiang said at a forum in Hainan Province last month that China will not resort to strong short-term stimulus policies just because of temporary economic fluctuations, but rather pay more attention to sound development in the medium and long run.

China will seek growth impetus from deepening reforms, adjusting economic structure and improving people's livelihood, the premier said.

On Saturday, China's central bank governor Zhou Xiaochuan reaffirmed the stance at a conference in Beijing, saying that macroeconomic policies should be stable and no massive stimulus should be taken at present.

Zhou urged for more accurate judgment about the present economic situation, arguing that short-term economic figures may not be sufficient to help come to conclusions.

China's economic growth slowed to a six-quarter low of 7.4 percent in the first quarter of the year, down from a growth of 7.7 percent in the final quarter of 2013.

In spite of the slowdown, the pace was within a reasonable range, as the government has set the annual growth target for this year at about 7.5 percent.

Related:

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China's GDP was nearly 87 percent of the United States in 2011 based on so-called purchasing power parity (PPP), said a World Bank report in the past week, and headlines across the globe duly began trumpeting that more than a century of American economic dominance was all but over. Full story

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