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Xi Jinping Attends China-US CEO Roundtable, Stressing Long-term Positive Trend of China's Economy Remains Unchanged

2015/09/24

On September 23 local time, President Xi Jinping attended the China-US CEO Roundtable in Seattle and delivered a speech, stressing that the long-term positive trend of China's economy will remain unchanged. It is true that China's economy has been growing slowly recently and faces big downward pressure with fluctuations in the stock market. This is due to the influence of world economy, our active regulation and the influence of structural contradictions accumulated over the years in China. In spite of the various difficulties, I believe that, from a long-term perspective, China's economy has sound fundamentals, will maintain a stable and medium-high speed growth in the long run, and enjoys quite bright prospects. In the first half of this year, China's economy achieved a growth rate of 7 percent, which ranks forefront among the world's major economies. A growth of 7 percent on the base of economic scale of 10 trillion USD is even larger than previous growth when the rate was 10 percent. The stable and positive trend is reflected not only in the growth rate, and more importantly in the improved structure and shifted development model. Currently, the contribution of consumption to China's economic growth is 60 percent. Some new economic growth points are fostering at a speeding pace, with a significantly faster growth rate of hi-tech industry than that of the whole industry, vigorous consumption demands in information, culture, health and others, and an accelerated shift of economic development model from being driven by export and investment to domestic demands. China's economy has long been deeply integrated with world economy. Since the global economic recovery is basically week, it is inevitable for China's economy to go through a slowdown or fluctuations. However, China's economy remains a contributor to world economy, with contribution of China's economic growth being 30 percent to world economic growth in the first half of this year. Though the growth rate of total volume of import and export decreased, the quantity of imported bulk commodities has not reduced, but even increased. And the quantity of imported commodities will steadily increase in the future. China has become a net exporter of capital with a fairly rapid growth of outbound investment, and is becoming an important source of investment for the rest of the world.

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