23 Mar 2015
‘It is impossible and unnecessary to maintain the very high growth’ – China’s Vice Premier
FXStreet (Mumbai) - China's sharp economic slowdown is not viewed by policymakers as a bad thing; rather, it is necessary for the country to achieve a sustainable future.
Vice Premier Zhang Gaoli said over the weekend, "It is both impossible and unnecessary to maintain the very high growth of the past. We've paid the price for that. It's not sustainable."
China's economy expanded 7.4% in 2014, the slowest rate in 24 years, and just shy of the government's loosely-set 7.5% target. This year the government has lowered its economic growth target to around 7%.
While many commentators see the slowdown as a bad thing for China, policymakers believe this is the "new normal" for China, and will help the country achieve a more sustainable future.
Vice Premier Zhang Gaoli said over the weekend, "It is both impossible and unnecessary to maintain the very high growth of the past. We've paid the price for that. It's not sustainable."
China's economy expanded 7.4% in 2014, the slowest rate in 24 years, and just shy of the government's loosely-set 7.5% target. This year the government has lowered its economic growth target to around 7%.
While many commentators see the slowdown as a bad thing for China, policymakers believe this is the "new normal" for China, and will help the country achieve a more sustainable future.