China’s Xi Jinping says economy still promising : Xinhua

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Published: July 20, 2015 10:43:03 AM

China's economy has promising prospects even as it adapts to a "new normal" stage of economic development, President Xi Jinping said in remarks published in state media late on Sunday.

China’s economy has promising prospects even as it adapts to a “new normal” stage of economic development, President Xi Jinping said in remarks published in state media late on Sunday.

Xi said the Chinese economy was in good condition due to healthy fundamentals, and that has not changed, according to the official Xinhua News Agency.

Xi made the remarks during a discussion with provincial officials in the northern province of Jilin, where he stressed that state-owned enterprises (SOEs) were the backbone of the economy.

He added that the progress of restructuring economic growth was also steady.

The country’s economy faces relatively big downward pressure this year despite posting annual 7 percent GDP growth in the second quarter, steady against the previous quarter and slightly better than analysts’ forecasts. Analysts said they expected the government to roll out further stimulus.

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