President Xi Jinping has called on the country to adapt to a “new normal” of economic development, confirming general speculation that Beijing will tolerate slower growth, China Business News reported Tuesday.
During a two-day trip to Henan province last week, Xi was quoted as saying China is still in a time of strategic opportunity, and all must strengthen faith and adapt to the new state of growth.
An unnamed central government official said most economic officials had already recognized the “new normal”, and Xi’s comments confirmed the government’s stand on slower growth.
The manufacturing purchasing managers’ index was 50.4 last month, the April figure on record, suggesting that manufacturing is still struggling to regain strength.
Several market players said the government is shying away from large-scale stimulus measures and is instead continuing to look for market forces to determine direction.
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