Full text: President Xi's joint written interview with media from Turkmenistan, Russia, Kazakhstan, Uzbekistan, Kyrgyzstan

Updated: 2013-09-03 21:54


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2. How does China view its current economic slowdown? What are the future prospects of China' s economy? Will China adopt any new measures to stabilize economic growth?

The fundamentals of the Chinese economy are sound. In the first half of this year, China' s GDP grew by 7.6%, which was relatively high compared with other countries. In fact, the growth rate could have been higher had we continued with the past development model. However, we have chosen to implement a macro economic policy under which we will press ahead with the adjustment of economic structure in order to transform and upgrade the economy. We would rather bring down the growth rate to a certain extent in order to solve the fundamental problems hindering our economic development in the long run. In this sense, such a growth rate is the result of sound adjustment.

In specific terms, domestic demand accounted for 7.5 percentage points in the 7.6% growth rate, and our current account surplus is now within the internationally recognized reasonable range. We have focused on improving our social security policy and stabilized and expanded employment, providing 7.25 million new jobs in the first half of this year. We are indeed confronted with difficulties such as local government debt and overcapacity in some industries, but the problems are well within control and could be handled properly.

China's economy, the second largest in the world, is highly integrated with the world economy. China's economic development has contributed significantly to world economic recovery. A China that enjoys more stable economic performance, higher quality of growth and better prospect of sustainable growth undoubtedly bodes well for the world economy. We have the conditions to realize sustained and sound economic development, which will expand market and development space for other countries and generate more positive spillover effect for the global economy.