No hard landing for Chinese economy despite downward pressure: Xi

Chinese President Xi Jinping said in London Wednesday that his country's economy will keep operating within "a proper range" and there will be no "hard landing." "Downward pressure and structural problems do exist in the Chinese economy," Xi acknowledged while addressing the closing ceremony of a China-Britain business summit. But "it is a normal adjustment the economy has to go through when its growth reaches a certain phase and a certain level," added the president, pointing out that China's economy is running smoothly on the whole, with major indicators within a proper range and in line with expected targets. China's GDP growth dropped to a six-year low of 6.9 percent in the third quarter, slightly lower than the 7 percent in the previous two quarters, the National Bureau of Statistics announced Monday. But as the world's second largest economy, Xi told the business leaders, even if China keeps its growth at 7 percent or even a lower rate, its annual increment can still reach 800 billion US dollars. "We have both the foundation and condition to maintain a medium-to-high speed in economic growth," the president said, citing the huge potentials in the country's consumption and market. "China's economy still maintains a strong momentum and will release greater development potential," he added. Speaking at the event, Xi also reaffirmed China's adherence to the opening-up strategy, which serves as an important engine for the sustained prosperity of the Chinese economy. "China will continue to stick to the opening-up strategy featuring mutual benefit and win-win results, and integrate its own development with world peace, prosperity and development," he said. In a written interview with Reuters prior to his visit, Xi said China's opening-up means both opening up its economy further to attract foreign investment and encouraging Chinese firms to make overseas investment. In the address, Xi also described the China-proposed "Belt and Road" Initiative as an open, diversified and win-win project poised to bring huge opportunities for the development of China and many other countries. The "Belt and Road" Initiative refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which were proposed by Xi in 2013 with the aim of reviving the ancient trade routes. The network passes through more than 60 countries and regions with a total population of 4.4 billion. The initiative not only covers the countries along the ancient roads, but also links the Asia-Pacific, European, African and Eurasian economic circles, Xi said.