Strong growth reinforces confidence in Chinese economy

GMT 19:56 2015 Sunday ,13 September

Arab Today, arab today Strong growth reinforces confidence in Chinese economy

Chinese Premier Li Keqiang (C)
Beijing - XINHUA

China is the source of global growth, rather than risk, Chinese Premier Li Keqiang said at the annual summer meeting of the World Economic Forum from September 9-11 in northeast China's Dalian.

With its economy growing at 7 percent, China contributed around 30 percent to world economic growth during the first half of this year.

The Chinese currency revaluation last month should not be seen as a trigger for a global currency war, Li added. The yuan's real effective exchange rate against a basket of currencies has gained 15 percent since the beginning of the new administration.

The turbulence in the global financial markets, Li said, is the continuation of the 2008 financial crisis. The measures China has taken in the past two months have effectively prevented volatility in the Chinese market from undermining financial stability.

Li said China's 7-percent growth during the first half of this year was not an easy achievement amid a slowing world economy.

He said a 7-percent rise with a 10-trillion-dollar economic base is much bigger than the 10-percent growth of its smaller economy in the past, placing China among the world's top economies.

Though economic growth moderated to 7 percent in the first half, retail growth in China has risen more than 10 percent so far this year. Household disposable income has also outstripped economic growth, Li said.

Employment growth exceeded 7.18 million during the first half of this year, or 72 percent of the target of 10 million set for the year.

"I have repeatedly said that as long as there is adequate employment, steady rise in incomes and an improving environment, slower or faster growth is acceptable," Li said.

More than 100 million Chinese travelled abroad last year and the number of visitors rose 10 percent in the first six months of this year. Chinese tourists have demonstrated strong purchasing power abroad.

At home, consumption of information, culture, health and tourism services was strong. Energy conservation, environmental protection and the green economy have also emerged to create new growth drivers, according to Li.

Despite slower foreign trade value growth, imports of commodities have grown in volume, and the country's foreign direct investment will also continue to grow at a fast pace, Li said.

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