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Xi admitted that China has come to a crucial point when i
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PostPosted: 29 Apr 2019 03:04:06    Post subject:  Xi admitted that China has come to a crucial point when i
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Double Flat Sheets


by Hou Lijun


ANTALYA, Turkey, Nov. 15 (Xinhua) -- As impacts of the international financial crisis are lingering, Chinese President Xi Jinping said Sunday on the Group of 20 (G20) summit that targeted medicine for sluggish growth must be prescribed.


In a speech entitled "Innovative Growth That Benefits All
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," the Chinese leader pointed out that the G20, a main forum for global economic and financial cooperation, should work to maintain a stable economic growth in the short term, while seeking to inject new impetus into the world economy in the long term.


Xi's proposals for boosting global growth through effective measures as well as China's endeavors to deepen reform and build an open economy have also been recognized by overseas experts.


WTO) Doha trade negotiations that stumbled because complex issues could not be resolved, nations are now forming regional trade blocks
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, which are politically charged.


"Regional trade deals are potentially overlapping trade routes, and that leads to trade diversion rather than trade creation," said Sainsbury.


Xi said the G20 members should ensure that regional free trade arrangements serve as a useful complement to multilateral trading regime, rather than create new obstacles.


CHINA REMAINS DRIVING FORCE FOR GLOBAL ECONOMY


After 30-plus years of fast growth, China also experiences a slowdown
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, which has stirred speculations that China's economy will come to a halt and may drag global rehabilitation down.


However, Xi said China has the confidence and ability to sustain a medium-high growth rate and continue to create development opportunities for other countries.


The Chinese economy is predicted to grow about 7 percent this year, which will continue to contribute as high as about one third to the global growth, he said.


Yuksel Gormez, a senior economist with Central Bank of Turkey
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, told Xinhua that the world should read China's economic numbers in a correct way. He said the growth in China is continuing in volume terms, but dipping in percentage terms.


"When China becomes a 20-trillion dollar economy, even a five-percent growth will create one trillion dollars of net value in one year," he said. "Can you say China is not growing?"


Xi admitted that China has come to a crucial point when it must adjust the growth pattern and structure of the Chinese economy.


"This endeavor won't be a smooth sailing. It won't happen overnight," he said
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, adding that China's resolve to push forward structural reform is rock-firm and its policy to open up.
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PostPosted: 29 Apr 2019 03:04:06    Post subject: Adv





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