China contributes 30 pct to global growth, no hard landing: PM
(MENAFN- Kuwait News Agency (KUNA)) China contributed around 30 percent to world economic growth during the first half of this year, Chinese Premier Li Keqiang said on Thursday, adding that the world's second-largest economy will not take a "hard landing," state-run Xinhua News Agency reported.
Speaking at the opening ceremony of the annual summer meeting of the World Economic Forum in northeastern Dalian city, Li said China's seven percent growth during the first half of this year was not an easy achievement amid a slowing world economy.
"A 7 percent rise for a USD 10 trillion economic base is much bigger than the 10 percent growth of a smaller economy in the past," said Li.
Last year marked the weakest annual expansion for China in 24 years due to a housing slowdown, softening domestic demand and unsteady exports, and growth further slowed to 7 percent in the first half of 2015 as the country braces for a "new normal" period of slower growth but higher quality.
A more encouraging sign, according to Li, is that the country's economy is more oriented toward consumption, which accounts for half of China's economic output and 60 percent of growth.
"Though economic growth moderated to 7 percent in the first half, retail growth in China has risen more than 10 percent so far this year. Household disposable income has also outstripped economic growth," the premier said.
Li also said the Chinese government is capable of dealing with the consequences of growth sliding out of reasonable range and that the Chinese economy will not have a "hard landing." Despite slower foreign trade value growth, imports of commodities have grown in volume and the country's foreign direct investment will also continue to grow at a fast pace, he stressed.
He also said the nation's vast manufacturing sector is upgrading and the economy is changing from relying heavily on investment to coordinated growth from both investment and consumption.
Speaking at the opening ceremony of the annual summer meeting of the World Economic Forum in northeastern Dalian city, Li said China's seven percent growth during the first half of this year was not an easy achievement amid a slowing world economy.
"A 7 percent rise for a USD 10 trillion economic base is much bigger than the 10 percent growth of a smaller economy in the past," said Li.
Last year marked the weakest annual expansion for China in 24 years due to a housing slowdown, softening domestic demand and unsteady exports, and growth further slowed to 7 percent in the first half of 2015 as the country braces for a "new normal" period of slower growth but higher quality.
A more encouraging sign, according to Li, is that the country's economy is more oriented toward consumption, which accounts for half of China's economic output and 60 percent of growth.
"Though economic growth moderated to 7 percent in the first half, retail growth in China has risen more than 10 percent so far this year. Household disposable income has also outstripped economic growth," the premier said.
Li also said the Chinese government is capable of dealing with the consequences of growth sliding out of reasonable range and that the Chinese economy will not have a "hard landing." Despite slower foreign trade value growth, imports of commodities have grown in volume and the country's foreign direct investment will also continue to grow at a fast pace, he stressed.
He also said the nation's vast manufacturing sector is upgrading and the economy is changing from relying heavily on investment to coordinated growth from both investment and consumption.
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