Xi says China should adapt to new norm of growth

BEIJING - Comments by President Xi Jingping are being seen as another indication that Chinese leaders will avoid large-scale stimulus, preferring to stick to limited measures, such as tax breaks, a speeding up of infrastructure development and social housing investment to boost the economy. Xi said China should adapt to the new norm of its economic growth and be cool-minded amid a slowdown in the economy.

He stated China’s economic fundamentals have not changed, and that the nation is still in a significant period of strategic opportunity, and must adapt to the new conditions of economic growth.

Growth slowed to 7.4% in the first quarter of the year, down from 7.7% in the final quarter of 2013. In spite of the slowdown, the Government emphasised that growth was within a reasonable range, and set the annual target for this year at about 7.5%.