Chinese economy expected to grow by 7 percent: President Xi

Antalya, Nov 16 (IANS) President Xi Jinping said that the Chinese economy is predicted to grow by about 7 percent this year, which will continue to contribute as high as about a third to the global growth, the media reported on Monday.

“China has the confidence and capability to maintain medium-high growth,” Xi said on Sunday while addressing the ongoing two-day G20 Summit in Antalya in southwest Turkey.

China shouldered the responsibility of driving economic growth in times of the world economic hardship, he said, noting that China had contributed up to 50 percent of world economic growth from 2009 to 2011, the Global Times reported.

Despite a recent slowdown, China still contributes 30 percent to world economic growth, which means that China still acts as a major world economic powerhouse, said Xi.

China has adopted a proposal on formulating the 13th Five-Year Plan (2016-2020) on national economic and social development, which aims to build a “moderately prosperous society” and double its 2010 GDP and per capita income of both urban and rural residents by 2020, the president said.

In the next five years, China will try to realise the synchronous development of the new type of industrialisation, IT application, urbanisation and agricultural modernisation.

The world’s second largest economy will continue to vigorously improve its people’s well-being and ensure that the benefits of development are shared by all, Xi added.

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