Chinese economy facing some problems but functioning well: Xi Jinping

BEIJING: As China's economic growth continued to slowdown sparking concerns at home and abroad, President Xi Jinping has said that the economy is facing "some problems" but functioning well in general.
"China's economy is functioning well in general, with some problems remaining that require the wisdom of all and solid efforts," Xi has been quoted as saying by state-run Xinhua news agency.
All regions and departments have made innovative efforts in strengthening macro control and reforms since the beginning of this year, leading to deeper structural adjustment, a generally normal employment situation and stable society, Xi said at a symposium held with non-Communist figures last week.

"Governments at all levels should stick to the key work style of making progress while maintaining stability and actively adapt to the 'new normal' of slower but steadier growth, with a focus on upgrading the quality and efficiency of economic development," Xi said.

The ten non-Communist figures, including members of other political parties or influential researchers and scholars, agreed with the central government's analysis and decisions on China's economic development, the Xinhua report said.

China's growth stood at seven per cent in the first half of the year showing signs of recovery.

The International Monetary Fund (IMF) in its recent forecast said China's economy will slowdown to 6.8 per cent this year followed by 6.3 per cent in 2016 and six per cent for 2017.

A meeting of the ruling Communist Party of China,s (CPC) at its top leadership meeting today pledged targeted policies to combat the "relatively big" downward pressure on the economy.

"China will continue to keep the continuity and stability of macro-policies...to maintain economic operations within a reasonable range," a statement released after the politburo meeting of the CPC said.

The meeting called for heightened attention to combat downward pressure, prevent and dissolve systematic risks, Xinhua reported.

It pledged to take "effective measures" to nurture the steady growth of consumption, investment and exports, key engines driving the country's economic expansion.