China's Xi sees 'long and tortuous' world economic recovery

NUSA DUA, Indonesia Mon Oct 7, 2013 7:29am EDT

China's President Xi Jinping speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Nusa Dua, on the Indonesian resort island of Bali October 7, 2013. REUTERS/Edgar Su

China's President Xi Jinping speaks at the Asia-Pacific Economic Cooperation (APEC) CEO Summit in Nusa Dua, on the Indonesian resort island of Bali October 7, 2013.

Credit: Reuters/Edgar Su

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NUSA DUA, Indonesia (Reuters) - Chinese President Xi Jinping said on Monday he expected a "long and tortuous process" of world economic recovery, while China's economic growth rate of about 7 percent was "within a reasonable and expected range".

Speaking on the sidelines of an Asia-Pacific Economic Cooperation (APEC) forum summit, Xi said the world economy was in the middle of profound adjustment and with major economies far from resolving their structural problems, it was imperative to strengthen macroeconomic cooperation.

"To achieve a full recovery and healthy growth of the world economy will be a long and tortuous process," Xi said in a speech on the Indonesian island of Bali.

China, the world's second largest economy, is a major engine of global economy and it has become the largest trading partner of many of the 21 nations in the Asia-Pacific including the likes of the United States, Japan and Russia.

APEC, which accounts for 55 percent of global real gross domestic product (GDP) growth, said in a joint statement last week that "risks remain tilted to the downside" and that economic growth would be slower and less balanced than desired.

Xi brushed aside concern of a hard landing for the Chinese economy, however, saying a "seven percent annual growth rate will suffice" to meet China's medium-term goal of doubling per capita income by 2020.

"I'm fully confident in the future of China's economy."

China's GDP grew at 7.6 percent for the first half of 2013, slower than 9.3 percent in 2011 and 7.7 percent last year.

"The slowdown of the Chinese economy is an intended result of our own regulatory initiatives," Xi said, adding that China's fundamentals remained good.

(Editing by Robert Birsel)

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Comments (2)
FreedomFries wrote:
That’s because his country caused it. By taking excessive jobs from the West, and stifling growth of developing countries by not even leaving the crumbs.

Oct 07, 2013 8:04pm EDT  --  Report as abuse
FreedomFries wrote:
Tell you what, if we stop sending factories to China then it will be China who rightfully has a long and torturous economic recovery. And we can go back to doing before we traded with China, being happy, wealthy, successful and prosperous. Trade with China will never help anyone. They are harmful backstabbers.

Oct 07, 2013 8:05pm EDT  --  Report as abuse
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