The head of China's top economic planner says the country's economy remains stable and healthy, despite a slowdown in growth. Xu Shaoshi made the remarks at a panel session of the Annual Meeting of the New Champions on Sunday. He also said that economic expansion is within a reasonable range.
"China has a bottom line for economic growth. We set a target of 6.5 to 7 percent for this year's economic growth. It's a range and is flexible. According to our calculations, the growth rate for the next five years should not be lower than 6.5 percent if China is to reach the target of building a moderately prosperous society in all respects by 2020," Xu said.
Xu said that China is shifting its economy, resulting in a change in the growth rate, optimization of structures, and a shift in drivers of development. But he pointed out that there are significant challenges ahead, and highlighted the need to address overcapacity. The country plans to cut steel capacity by 45 million tons and lower coal output capacity by 280 million tons this year.