China says its economy has entered a phase of “new normal” – Terra Colombia

China’s economy has entered a phase of “new normal,” a type of growth that will try to concentrate more on quality than speed thereof, the vice president of that country, Li Yuanchao said today.

Speaking at the World Economic Forum in the Swiss city of Davos, Li described this new period as “stable growth” and based on greater diversification of the sectors that They hold.

“For this new normality need to change the growth model, change the concept of development, the way we grow, and focus more on quality than speed,” said Li in a talk that has been one of the most anticipated for this 46th edition of the Forum of Davos.

China is one of the protagonists of this annual gathering of dignitaries, magnates, executives and academics, where the slowdown in the world’s second largest economy has been one of the topics most discussed .

“The priority in the coming years China will maintain a medium-high growth,” said Li, who said his country remains attractive to international capital.

He explained that last year 126,000 million of direct investment, 5.6% more than were received in 2014.

The slowdown in growth that China maintained for a decade led to a reduction in their demand for raw materials, which contributed to the drop in prices over 2015.

“China remains the major driving force of global growth, “said the politician, amid fears that caused the confirmation that its economy grew by 6.9 percent last year and the forecast for 2016 is 6.8 percent , compared to double-digit figures that had until recently.

To confirm the economic strength of China, Li said that GDP grew in 2015 by 500,000 million, the largest increase globally in an economy that is valued at 10 billion dollars.

stressed that domestic consumption grew by 66.4 percent in 2015, representing 15.4 percent more than in the previous year, while investments they increased by 30.3 percent.

The service sector, meanwhile, grew by 2.4 percent and now accounts for 50.5 percent of China’s economy, a country that guaranteed Li, has ” great potential, resilience and ample space to adjust their economic policies. ”