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Saturday, March 25, 2017, 14:18

Zhang Gaoli hails China's economic fundamentals

By Xinhua

BOAO, Hainan - China's sound economic fundamentals remain unchanged despite the economy entering a new normal period, Chinese Vice-Premier Zhang Gaoli said on Saturday.

The country's economy is steady despite major shifts in the economic pattern, structure and momentum, Zhang said when delivering a keynote speech at the 2017 conference of the Boao Forum for Asia in south China's Hainan Province.

READ MORE: World Bank CEO praises China's structural reform

Bucking a sluggish world economy, China's GDP expanded 6.7 percent in 2016, contributing to more than 30 percent of global economic growth, with employment better than expected.

The growth was within a reasonable range, Zhang said, noting improving quality and efficiency and progress in improving people's livelihoods.

China is expected to import goods worth US$8 trillion in the next 5 years and attract foreign investment worth US$600 billion.

Supply-side structural reform has seen its first results, Zhang said, citing capacity cuts in steel and coal sectors and a more important role for consumption and services in driving the economy.

Reform has generated new, strong momentum for China's economic and social development, Zhang said.

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The vice premier said China will continue to stabilize growth, promote reform, adjust the economic structure, improve people's well-being and control risks to ensure stable and healthy development this year.

'China's imports to total US$8 trillion in five years'

China is expected to import goods worth US$8 trillion in the next five years, Zhang Gaoli said.

During the period, the country will attract foreign investment worth US$600 billion, with its outbound investment reaching US$750 billion, he said as he highlighted China's commitment to opening-up and easier access for foreign investment.

He added that Chinese tourists will make 700 million overseas visits in coming five years, stressing that China will keep opening its door wider.

The country will further ease access for foreign investment into its service, manufacturing and mining sectors, he said.

Foreign-funded enterprises will be encouraged to list on local bourses and issue bonds in China, the vice premier said, adding that they will be treated equally as domestic market players.

The legitimate rights of investors will be strictly protected, he said.

 
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