The risks China’s economy faces are “not so scary,” President Xi Jinping told global business leaders at the Asia Pacific Economic Cooperation CEO summit, Reuters reported.
The world’s second-largest economy has had a rocky year. Growth in the third quarter slid to a low not seen since the 2008/09 global financial crisis, dragged down by a housing slowdown, softening domestic demand and unsteady exports.
“Some people worry that China’s economic growth will fall further. Can it climb over the ridge?” Xi said to the chief executives on Sunday.
“There are indeed risks, but it’s not so scary. Even at growth of around 7 percent, regardless of speed or volume, [we] are among the best in the world.”
His remarks came a day after data showed annual growth in Chinese exports and imports cooled in October, in another sign of fragility in the economy that could prompt policymakers to take further steps to stoke growth.
Xi said the country’s economy remains “stable” and pledged to push forward reforms.
After three decades of almost uninterrupted double-digit percentage growth, China’s economy has lifted several hundred millions of Chinese from abject poverty but also polluted the country’s air, land and waterways.
In the face of the destruction of the environment and a yawning income gap, authorities have promised sweeping social, financial and economic reforms.
“These reforms are gradually being put into effect project by project,” Xi said.
“Once the bow is drawn, the arrow cannot be put back in the quiver. We will resolutely deepen reform.”
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