Underlying trend of Chinese economy remains unchanged: Chinese vice premier

Source: Xinhua| 2020-01-21 22:53:23|Editor: huaxia

DAVOS, Switzerland, Jan. 21 (Xinhua) -- The underlying trend of the Chinese economy remains unchanged and it will maintain steady growth toward long-term sound development, Chinese Vice Premier Han Zheng said here Tuesday.

"China's economy is in a transition from high-speed growth to high-quality development," Han, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, said in his remarks addressing the 50th annual meeting of the World Economic Forum (WEF).

It is in a pivotal period of shifting the growth model, refining the economic structure and changing growth drivers, Han said.

Despite slowing global economic growth, China's gross domestic product (GDP) grew by 6.1 percent in 2019, keeping its place among the fastest-growing major economies, he said.

Meanwhile, significant progress has been made in China's three critical battles, namely, to forestall and defuse major risks, to eradicate poverty with targeted steps, and to prevent and treat pollution, said the vice premier.

The Chinese economy has enormous resilience, potential and latitude, Han said, adding that through decades of reform and opening-up, China today enjoys a solid material and technical foundation, a huge market, tremendous potential in domestic consumption, and abundant human capital and talent resources.

"We are therefore well-positioned to overcome all risks and challenges, and achieve sustained and sound economic development," he said.

The Chinese economy enjoys bright prospects and "we have every confidence in realizing high-quality development," he added.

This year's WEF annual meeting has drawn around 3,000 participants from over 100 countries and regions. The meeting, under the theme "Stakeholders for a Cohesive and Sustainable World," will focus on renewing the concept of stakeholder capitalism to overcome income inequality, societal division and the climate crisis.