Saturday 25 November 2017

China must 'adapt to a new normal of slowed growth'

Chinese President Xi Jinping
Chinese President Xi Jinping

Chinese President Xi Jinping said the nation needs to adapt to a "new normal" in the pace of economic growth and remain "cool-minded" amid a slowdown in expansion.

China's growth fundamentals haven't changed and it is still in a "significant period of strategic opportunity", Mr Xi said via the Chinese media.

At the same time, the government must prevent risks and take "timely countermeasures to reduce potential negative effects", he said.

Policymakers are trying to keep economic expansion from slipping below Premier Li Keqiang's 2014 target of about 7.5pc while reining in a credit boom that a central bank official said threatens to undermine the financial system.

The government has so far limited its support to tax breaks, and speeding up infrastructure and social housing investment and Mr Li said last week the focus remained on the quality of growth and on changing the structure of the economy.

Irish Independent

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