Chinese Premier Li Keqiang has stated at the “Summer Davos” forum held in Tianjin that China has maintained stable economic growth in the second quarter of the current year against the backdrop of the slowing global economy.
Premier Li said that, after years of effort and speedy growth, China’s economy has entered a “new normal”. Although faced with downward pressure, he continued, China has actively adopted innovative macro-control policies and vigorously advanced structural reform and has witnessed stable economic growth. In the first quarter of the current year, China's gross domestic product (GDP) increased by 6.7 percent year on year, while it continued to maintain stable economic growth in the second quarter this year, he said.
“As China is in the middle of an economic transformation and upgrading period, the main task is to actively advance supply-side reforms,” Premier Li Keqiang said, urging that increased efforts should be made to eliminate excess and outdated capacities, especially in the domestic coal and steel industries.