Xi: Country must adapt to 鈥榥ew norm鈥
Print Edition
PRESIDENT Xi Jinping said yesterday that the country must adapt to the “new norm” with regard to economic growth and keep a cool head amid the current slowdown.
Xi was speaking at the end of a two-day visit to central China’s Henan Province.
“China is in a key period of strategic opportunity. We must boost our confidence, adapt to the new normal conditions based on the characteristics of China’s economic growth in the current phase and stay cool-minded,” he said.
The growth of the world’s second-largest economy has gradually slowed since the global financial crisis of 2008.
In both 2012 and last year, the expansion rate was 7.7 percent, the slowest since 1999.
But China should also attach great significance to preventing risks to its economy and take countermeasures to reduce negative effects, Xi said.
“The basic conditions for sustaining growth have not changed, so we should stick to the fundamental principle of seeking progress while maintaining stability,” he said.
His words were in line with statements made by other senior officials.
Premier Li Keqiang said last month that China will not resort to strong short-term stimulus policies because of temporary economic fluctuations, but rather pay more attention to sound development in the medium and long term.
China will seek growth impetus from deepening reforms, adjusting economic structure and improving people’s livelihoods, Li said.
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