30610
China Growth Facing Downward Pressure
World Economy

China Growth Facing Downward Pressure

Chinese President Xi Jinping acknowledged downside risks to growth while assuring fellow leaders that Asia’s biggest economy is resilient and will remain on the path of reform.
China is working to overcome the challenges of slowing global growth this year by advancing reforms and won’t change its policy on foreign investment, Xi said at the Asia-Pacific Economic Cooperation chief executives summit in Manila on Wednesday, Bloomberg reported.
“In general, China’s positive economic fundamentals and long-term trajectory remain unchanged,” Xi said, taking the stage after US President Barack Obama. “On the other hand, China’s economy is still coping with the complicated internal and external environment, considerable downward pressure and the temporary pain of deep reforms.”
China is on pace for the slowest expansion in 25 years, a worry for Asia’s smaller economies which have become increasingly reliant on it for export demand. Leaders are stepping up fiscal stimulus after six interest rate cuts in the past year failed to spur a revival in growth.
Industrial output in China last month matched the weakest gain since the global credit crisis, while fixed-asset investment so far this year has increased at the slowest pace since 2000.
Xi also touted China’s efforts to take a leadership role in the development and integration of Asia, citing his “One Belt, One Road” initiative to link the country with Europe through central and western Asia as well as the $100 billion China-led Asian Infrastructure Investment Bank.
China is working to complete the Regional Comprehensive Economic Partnership early, he said, and seeks high-standard free-trade agreements with other nations. He urged leaders to work quickly on the Free Trade Area of the Asia-Pacific, an agreement to link the 21 APEC countries Xi put on top of the agenda when members met last year in Beijing.

 

Short URL : https://goo.gl/27cH2c
  1. https://goo.gl/BNuJeA
  • https://goo.gl/XQ4Oyu
  • https://goo.gl/MrOLfv
  • https://goo.gl/I746pd
  • https://goo.gl/Qbmy3u

You can also read ...

Blue Economy Movement Gaining Traction in Africa
An increasing number of African countries are now embracing...
There are indications that investments in digital economy will...
Striking Amazon Employees in Europe Demand Better Working Conditions
Thousands of workers walked off their jobs on Tuesday at...
The trade war began when Donald Trump introduced tariffs on imported steel and aluminum.
Rising trade tensions between the United States and the rest...
Japanese Prime Minister Shinzo Abe (C) speaks as European Commission President Jean-Claude Juncker (L) and European Council President Donald Tusk listen during  a joint press conference at Abe’s official residence in Tokyo on July 17.
Japan and the European Union signed a landmark deal on Tuesday...
SNB to Raise Rates in 2019
The Swiss National Bank will continue tracking its eurozone...
The parliament approved a five billion pound start-up capital for the fund called “Egypt Fund”.
Egypt is setting up a sovereign wealth fund with a capital of...
Swedish Telecom to Buy TDC’s Norway Business
Swedish telecom operator Telia Company is buying TDC’s...

Trending

Googleplus