Xi Signals China Ready To Accept Slower Growth, Slowdown Now Part Of “New Normal”

Chinese President Xi Jinping speaking at the APEC CEO Summit in Beijing on November 9, 2014. Photo courtesy AFP.

Chinese President Xi Jinping, speaking at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Beijing on Sunday, has signaled that China is ready to accept slower economic growth.

Xi told executives in attendance at the APEC summit that a growth rate of “around 7%” would still make China a “top performer”, according to a report from Bloomberg.

“Even a growth rate of about 7% will put China among the top performers in the world in terms of both speed and size,” President Xi said.

“Some worry whether China’s growth rate will slow down further, or whether China can overcome the obstacles … risks are indeed there but they’re not that scary,” President Xi said.

Xi also said that an economic slowdown is now a part of China’s “new normal” as the nation’s economy shift gears to be fueled by more services, consumption, and innovation – versus infrastructure investment, according to the report.

The Chinese government will be able to handle any slowdown, Xi added.

Source: Bloomberg