MANILA, Philippines (AP) – Chinese President Xi Jinping on Wednesday sought to reassure regional economic and political leaders that his government will keep the world’s No. 2 economy growing.
In a speech to a business conference on the sidelines of the Asia-Pacific Economic Cooperation summit, Xi said China is committed to overhauling its economy and raising the living standards of its people.
China’s growth fell to a six-year low of 6.8 percent in the latest quarter as Beijing tries to shift the economy away from reliance on trade and investment. The slowdown, which has been unfolding for several years, has rippled around the world, crimping growth in countries such as South Korea and Australia that were big exporters to China.
Xi acknowledged that China’s vital signs are a concern and that it is facing “difficulties and challenges.” But he also alluded to the fact China is growing much faster than Western countries even as it slows.
“China’s positive economic fundamentals and long term trajectory remain unchanged,” he said. “China’s economy has strong resilience, great potential and ample room for maneuvering.”