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China confirms the world's need for new sources of economic growth

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Rocky


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China confirms the world's need for new sources of economic growth



November 17, 2015 0


China news agency said that Chinese President Xi Jinping told the leaders of the Group of Twenty countries during their meeting in Turkey that the world urgently needs to find new sources of economic growth.

Xi said that despite the end of the global financial crisis, the world is witnessing a very weak economic recovery and the need to do more to ensure that a new era of global prosperity.

He added that the reform of the governance of the global economy is making slow progress and that the world needs to work together to achieve development and economic cooperation at the international level as the official agency said.

The leaders of the world's largest economies said in a statement today that they remain committed to the aim of increasing total output to their countries of two percent by 2018 even if growth remains uneven and weaker than expected globally.

Shi told the Group of Twenty summit yesterday that China is able to achieve moderate economic growth to high levels this year and expects growth of about seven percent, but it will be the weakest in 25 years.

China's economy grew the second largest economy in the world 6.9% in the third quarter of the year, recording the weakest pace of annual growth since the global financial crisis, partly because of slowing investments. That prompted the People's Bank of China (the central bank) to cut interest rates for the sixth time in about a year.

Xi said the Group of Twenty summit in 2016 which will be held in Hangzhou in eastern China will focus on reform and innovation and improving global economic and financial governance and strengthen the presence of emerging markets and developing countries.

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