China’s “ultra-high speed” economic growth, which many see as key to a global recovery, is probably over, according to the country’s president.
"I don't think we will be able to sustain an ultra-high speed of economic growth and it is not what we want either," Xi Jinping told business figures at the Boao Forum.
But the president who came to power last month after ascending to the leadership of the ruling Communist Party in November, said it was still possible to “sustain a relatively high speed” of growth.
"The Chinese economy is in good shape," he added.
China has recorded annual average growth of 9.9pc since the country began opening up its economy, he said, describing the feat as "rarely seen in the history of world economic development".
Urbanisation, continuing industrialisation and the modernisation of agriculture were cause for optimism regarding the future "upward trajectory" of the economy, Xi told the annual gathering of political and economic leaders in Hainan.
Growth in the world’s second biggest economy struck a 13-year low in 2012, with GDP expanding 7.8pc in the face of weakness at home and in key overseas markets.
Xi said the figure was lower than in previous years, "partly due to our efforts to control the speed of economic growth and speed up the transformation of the growth model". "We will shift the focus of economic development to quality and efficiency," he added.
But Beijing has clashed with the European Union and United States over a range of issues from trade disputes to cyberspying.
Californian technology giant Apple was recently attacked in Chinese state media.
In the first quarter of this year, China received 22 trade remedy investigations from 12 countries, with the amount involved totalling £628m, according to Song Heping, a Chinese trade investigation official.
Around 30pc of China’s GDP is generated from its sale of goods overseas, so trade disputes can be potentially damaging for the world’s biggest exporter.
But Xi said China would "protect the lawful rights and interests of foreign-invested companies" and "ensure their rights to equal participation in government procurement and independent innovation".
"China will never close its door to the outside world," he said.
"China will keep its door open to foreign investors and likewise we also hope that foreign countries will further open the door to Chinese investors."
The country last month announced its economic growth target for 2013 will be the same as last year at 7.5pc.
telegraph.co.uk
"I don't think we will be able to sustain an ultra-high speed of economic growth and it is not what we want either," Xi Jinping told business figures at the Boao Forum.
But the president who came to power last month after ascending to the leadership of the ruling Communist Party in November, said it was still possible to “sustain a relatively high speed” of growth.
"The Chinese economy is in good shape," he added.
China has recorded annual average growth of 9.9pc since the country began opening up its economy, he said, describing the feat as "rarely seen in the history of world economic development".
Urbanisation, continuing industrialisation and the modernisation of agriculture were cause for optimism regarding the future "upward trajectory" of the economy, Xi told the annual gathering of political and economic leaders in Hainan.
Growth in the world’s second biggest economy struck a 13-year low in 2012, with GDP expanding 7.8pc in the face of weakness at home and in key overseas markets.
Xi said the figure was lower than in previous years, "partly due to our efforts to control the speed of economic growth and speed up the transformation of the growth model". "We will shift the focus of economic development to quality and efficiency," he added.
But Beijing has clashed with the European Union and United States over a range of issues from trade disputes to cyberspying.
Californian technology giant Apple was recently attacked in Chinese state media.
In the first quarter of this year, China received 22 trade remedy investigations from 12 countries, with the amount involved totalling £628m, according to Song Heping, a Chinese trade investigation official.
Around 30pc of China’s GDP is generated from its sale of goods overseas, so trade disputes can be potentially damaging for the world’s biggest exporter.
But Xi said China would "protect the lawful rights and interests of foreign-invested companies" and "ensure their rights to equal participation in government procurement and independent innovation".
"China will never close its door to the outside world," he said.
"China will keep its door open to foreign investors and likewise we also hope that foreign countries will further open the door to Chinese investors."
The country last month announced its economic growth target for 2013 will be the same as last year at 7.5pc.
telegraph.co.uk
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