China’s economic is resilient, fundamentals for long-term growth unchanged – President Xi Jinping

 

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China’s economy is resilient and the fundamentals for its long-term growth remained unchanged, said Chinese President Xi Jinping said at the summit of BRICS leaders. 

“The Chinese economy has strong resilience, tremendous potential and great vitality,” Xi.

The recovery in the world’s second-largest economy has lost steam due to the downturn in the real estate market, weak domestic demand and tumbling credit growth, adding to the case for authorities to release more policy stimulus.

Xi said that China enjoyed economic advantages, including a “super-sized market,” a full-fledged industrial system, and an abundant high-caliber labor force.

“The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,” Xi said.