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Chinese president claims growth could exceed 7%

A prediction that Chinese growth could be maintained at 7% for the remainder of the decade has been made by the nation's president. 

 

Chinese president Xi Jinping has highlighted his opinion that growth in China could continue to exceed the government's 7% annual target over the next five years.

 

He stated: "It's possible for China's economy to maintain growth of around 7% [over the next five years] but it also faces more uncertainties.

 

"Looking at the need to double GDP, the bottom line for annual average economic growth between 2016 and 2020 is more than 6.5%."

 

His comments follow the publication of the latest quarterly data for Chinese economic growth, which showed a rise of 6.9% in GDP in the three months to the end of September this year.

 

This was the first time that quarterly growth in China has fallen below the 7% threshold since 2009 and the onset of the global economic downturn.

 

However, looking forward, Mr Xi stated that while policymakers face some significant challenges, there remains considerable scope for China to bolster its position in international markets.

 

In the latest full trading session in Asian markets, the Shanghai Composite Index fell by a further 0.2% to compound fears that the market's rally witnessed during October may have now come to an end.

 

Elsewhere, Australia's ASX All Ordinaries Index led growth in the region on Tuesday (3 November 2015), with an increase of 1.34%, while the Hang Seng Index was up by 0.89% and a significant loss of 2.1% was seen for the Nikkei Stock Average 225.

 

 



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