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'Chinese economy has problems, but functioning well'
01
Aug '15
As China's economic slowdown sparks concerns at home and abroad, President Xi Jinping has conceded that the economy is facing "some problems" but insisted that it is functioning well in general, the media has reported.

"China's economy is functioning well in general, with some problems remaining that require the wisdom of all and solid efforts," Xi has been quoted as saying by state-run Xinhua news agency.

All regions and departments have made innovative efforts in strengthening macro control and reforms since the beginning of this year, leading to deeper structural adjustment, a generally normal employment situation and stable society, Xi said at a symposium held with non-Communist figures last week.

The ten non-Communist figures, including members of other political parties or influential researchers and scholars, agreed with the central government's analysis and decisions on China's economic development, the Xinhua report said.

To ensure that the economy can sustain a "reasonable" pace of growth, the Politburo reiterated the government's line that it would keep economic policies broadly stable, while increasing targeted adjustments.

The Communist Party of China pledged to take "effective measures" to nurture the steady growth of consumption, investment and exports, key engines driving the country's economic expansion.

Chinese policymakers have in the past two years described any loosening in fiscal and monetary policy, including reductions in interest rates, as "targeted".

Fiscal policy would be "pro-active" and liquidity kept at an "appropriate" level, state radio quoted the Politburo as saying.

There was no reference to the rout in China's stock market which plunged 8 per cent on Monday after a recent meltdown that wiped out as much as a third of share value at the height of the selloff.

Buffeted by a slowing property market, cooling investment growth and unsteady local and foreign demand, China's economy has stumbled in the past two years and is widely expected to clock its worst performance in a quarter of a century this year.

The International Monetary Fund (IMF) in its recent forecast said China's economy will slow down to 6.8 per cent this year followed by 6.3 per cent in 2016 and six per cent for 2017. (SH)

Fibre2Fashion News Desk – India

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