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Despite massive slowdown, Chinese VP says economy on track
25
Jan '16
Despite China's slowest growth in 25 years, its Vice-President Li Yuanchao has said that the country's economy is on track and it has entered a phase of steady rather than speedy growth.

At the World Economic Forum Annual Meeting in Davos, Li reassured participants that the world's second-largest economy will remain an important driving force for global economic growth, according to an agency report.

"Despite the volatility in the world economy, China still achieved a GDP increase of over $500 billion (in 2015), which is estimated to be the largest in the world," he said.

China's GDP grew only 6.9 per cent last year, but Li said the "medium-high growth rate" is likely given the country's drive to diversify its economic growth drivers.

He said that China's shift in focus from speed to quality in economic growth is progressing well, with consumption accounting for 66 per cent of last year's 6.9 per cent GDP growth.

Li said China would continue economic reforms and encourage innovation and entrepreneurship to preserve the momentum. There is encouraging news in the 2.2 per cent growth of the high-tech sector, 30 per cent increase in online retail sales.

"For every single day last year, over 12,000 newly registered companies emerged across China," said Li adding this was an indication of invigorated entrepreneurship along with the surge in the number of technology and business incubators aimed at young entrepreneurs. (SH)

Fibre2Fashion News Desk - India

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