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Finance & Economy

China’s president says risks to economy ‘not that scary’


China's President Xi Jinping speaks at the Dialogue On Strengthening Connectivity Partnership at the Diaoyutai State Guesthouse in Beijing November 8, 2014

China’s President Xi Jinping speaks at the Dialogue On Strengthening Connectivity Partnership at the Diaoyutai State Guesthouse in Beijing November 8, 2014

China‘s President Xi Jinping was quoted as saying, “Some people worry that China’s economic growth will fall further, can it climb over the ridge? There are indeed risks, but it’s not so scary. Even at growth of around 7 percent, regardless of speed or volume, (we) are among the best in the world.”

Economic Slowdown Is Precisely What Xi Jinping Wants,” is what I say in Chapter 19 of my book Tiananmen’s Tremendous Achievements Expanded 2nd Edition. In this section, I also say: “Quite a lot of people at home and abroad worry that the falling growth rate may give rise to serious problems. However, it is precisely what Xi Jinping wants because it will greatly reduce the resistance to further economic reform.

“While the reformists are thus provided with evidence of facts that further economic liberalisation is indispensable, the conservatives ambitious for China to become a military superpower have also been gradually convinced of the necessity of further reform because without economic growth there will be no financial resources for China to become a military superpower.”

The following is the full text of Reuters report:

The risks faced by China’s economy are not that scary and the government is confident it can head off the dangers, President Xi Jinping told global business leaders on Sunday to dispel worries about the world’s second-largest economy.

In a speech to chief executives at the Asia Pacific Economic Cooperation (APEC) CEO Summit, Xi said even if China’s economy were to grow 7 percent, that would still rank it at the forefront of the world’s economies.

China’s economy, the world’s second-largest, has had a rocky year. Growth slid to a low not seen since the 2008/09 global financial crisis in the third quarter dragged by a housing slowdown, softening domestic demand and unsteady exports.

“Some people worry that China’s economic growth will fall further, can it climb over the ridge?” Xi said. “There are indeed risks, but it’s not so scary.

“Even at growth of around 7 percent, regardless of speed or volume, (we) are among the best in the world,” he said, noting that China’s economy remained “stable”.

The remarks from Xi came a day after data showed annual growth in Chinese exports and imports cooled in October, in another sign of fragility in the economy that could prompt policymakers to take further action to stoke growth.

To shore up activity, policymakers have loosened monetary and fiscal policies since April to ensure that the economy can grow by around 7.5 percent this year.

Regional governments have accelerated spending on some infrastructure projects and abolished limits on the number of homes that Chinese can buy. The central bank has also injected short-term loans into banks to increase credit supply, and cut mortgage rates for some home buyers.

Yet the results yielded have not been as good as some had hoped, fuelling speculation that China may have to cut interest rates or the reduce the amount of deposits that banks set aside as reserves – moves Beijing has denied are on the cards.

Xi, who would sign off on any interest rate cut in China alongside the country’s elite decision-making Politburo, did not comment on the policy outlook, but stressed that his government was focused on reforms and that China was open for business.

Underlining the country’s growing clout as an exporter of capital, he said China’s overseas direct investment was expected to hit $1.2 trillion in the next decade.

After three decades of almost uninterrupted double-digit growth, China’s economy has lifted several hundred millions of Chinese from abject poverty, but also polluted the country’s air, land and waterways.

The destruction of China’s environment and a yawning income gap has led Chinese authorities to promise to enact sweeping social, financial and economic reforms in the country that would be the most ambitious in three decades.

“These reforms are gradually being put into effect project by project,” Xi said. “Once the bow is drawn, the arrow cannot be put back in the quiver; we will resolutely deepen reform.”

Xi also sought to address concerns that China’s growing economic and diplomatic prowess could constitute a threat beyond its borders, saying that China is willing to have friendly relations with its neighbours.

China has territorial disputes with many of its neighbours and has been much more aggressive in enforcing its claims in recent years.

“China’s development brings enormous opportunities and benefits to the Asia Pacific and the world, and the business opportunities are lasting and limitless,” he said.

Source: Reuters “China president says risks to economy ‘not that scary’”
 
Source: Chan Kai Yee Tiananmen’s Tremendous Achievements Expanded 2nd Edition
 
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About chankaiyee2

Author of the book "Tiananmen's Tremendous Achievements" about how with the help of Tiananmen Protests, talented scholars with moral integrity seized power in the Party and state and brought prosperity to China. The second edition of the book will be published within a few days to mark the 25th anniversary of Tiananmen Protests All the parts in the first edition remain in the second edition with a few changes due to information available later and better understanding. There are also some changes for improvements of style. The new parts are Chapters 12-19 on events in China after the first edition was published: The fierce power struggle for succession between reformists and conservatives; Xi Jinping winning all elders’ support during his mysterious disappearance for 2 weeks in early September, 2012; and Xi Jinping Cyclone. Chan Kai Yee's new book: SPACE ERA STRATEGY: The Way China Beats The US An eye-opening book that tells the truth how the US is losing to China. The US is losing as it adopts the outdated strategy of Air-Sea Battle while China adopts the space era strategy to pursue integrated space and air capabilities: It is losing due to its diplomacy that has given rise to Russian-Chinese alliance. US outdated strategy has enabled China to catch up and surpass the US in key weapons: Hypersonic weapons (HGV) that Pentagon regards as the weapon that will dominate the world in the future. Aerospaceplane in China’s development of space-air bomber that can engage enemy anywhere in the world within an hour and destroy an entire aircraft carrier battle group within minutes. Anti-satellite (ASAT) weapons, anti-ASAT weapons, stealth aircrafts, drones, AEW&C, etc. The book gives detailed descriptions of China’s weapon development based on information mainly from Chinese sources that the author monitors closely. U.S. Must Not Be Beaten by China! China is not a democracy. Its political system cannot prevent the emergence of a despotic leader or stop such a leader when he begins to bring disasters to people. A few decades ago, Mao Zedong, the worst tyrant in world history did emerge and bring disasters to Chinese people. He wanted to fight a nuclear war to replace capitalism with communism but could not bring nuclear holocaust to world people as China was too weak and poor at that time. If a despot like Mao Zedong emerges when China has surpassed the US in military strength, world people will suffer the misery experienced by Chinese people in Mao era. China surpassing the US in GDP is not something to worry about as China has the heavy burden to satisfy its huge population, but China surpassing the US in military strength will be world people’s greatest concern if China remains an autocracy. US people are of much better quality than Chinese people. What they lack is a wise leader to adopt the correct strategy and diplomacy and the creative ways to use its resources in developing its military capabilities. I hope that with the emergence of a great leader, the US can put an end to its decline and remain number one in the world. China, US, space era strategy, air-sea battle, space-air bomber, arms race, weapon development, chan kai yee

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