DAVOS . 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.
China is one of the protagonists of the 46th edition of the World Economic Forum that brings together dignitaries, magnates, executives and academics, in which the slowdown in the world’s second largest economy has been one of the most talked about topics.
During his speech, Li described this new period as “stable growth” and based on greater diversification of the sectors that support it.
“For this new normality need to change the growth model change the concept of development, how we grow, and focus more on quality than speed, “said Li.
” The priority in the coming years China will maintain a growth medium-high “said Li, who said his country remains attractive to international capital.
He explained that last year 126 billion dollars of direct investment, 5.6% more than in 2014 were received.
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 throughout 2015.
” China remains the major driving force of global growth, “said the politician, amid fears that caused the confirmation that the economy progressed 6.9% last year and the forecast for 2016 is 6.8%, compared with figures two figures had until a few years ago.
To confirm the economic strength of China, Li said that GDP grew in 2015 at 500 billion dollars, the biggest increase worldwide in an economy that is valued at $ 10 billion.
He stressed that domestic consumption grew by 66.4% in 2015, representing 15.4% more than in the previous year, while investments increased by 30.3%.
The services sector, meanwhile, progressed 2.4% and now represents 50.5% of the economy of China, which, Li assured.
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