China’s president has told the country to get used to slower growth, damping expectations of a new stimulus.
President Xi Jinping’s weekend comments come amid weakening trade and manufacturing. Economic growth slowed in the latest quarter to 7.4 percent after last year’s full-year expansion of 7.7 percent tied 2012 for the weakest performance since 1999.
“We must boost our confidence, adapt to the new normal condition based on the characteristics of China’s economic growth in the current phase and stay cool-minded,” Xi said, according to the official Xinhua News Agency.
The ruling Communist Party is trying to steer the economy to self-sustaining growth based on domestic consumption instead of trade and investment.
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ABC News via CHINA US Focus http://ift.tt/1qwvDkq
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