Chinese President Xi Jinping assured delegates of the Asia-Pacific Economic Cooperation (APEC) on Sunday that China, despite slowing economic growth, is capable of managing any form of financial risk as it moves toward a more sustainable economic development.
During his keynote speech at the CEO Summit, Xi acknowledged the financial risk facing the world's second largest economy, but said that there is nothing to fear, Xinhua News Agency reported.
"China's economic growth has become more stable and been driven by more diverse forces," Xi told the business leaders.
Xi informed the summit's participant business leaders of China's resilient economy. He said that China's government is equipped with tools needed to address head-on whatever potential risks the country will face.
Xi assured the CEO Summit leaders that there is no cause for concern because his government is exerting efforts to alleviate the country's slowing local economic growth.
Also during his speech, the Chinese president highlighted the growing demand among Chinese consumers and the rising service sector. He said that these two growth factors would compensate for China's over-reliance on exports in the past.
Recently, China's heavy reliance on export bore the brunt of experts that led to its re-thinking of growth economic strategies.
According to Zhang Lei, a macroeconomic analyst with Minsheng Securities, the Chinese economy has been experiencing structural changes that are too much for the world's second largest economy. He said that it would be difficult for China's "super-charged GDP growth to continue."
The Chinese leader emphasized the government's thrust to innovate through various development reforms. He said that China, through his leadership, will move toward more industrialization with more focus on agricultural modernization, innovations in information technology and urbanization.
The third-quarter GDP report showed slow investment growth that was exacerbated by a slump in the real-estate sector. The slump, experts said, could make China miss its yearly 7.5-percent target growth.