The Chinese economy is expected to grow about 7 percent this year as the country is seen to continue to contribute as high as about one-third to the global growth, President Xi Jinping had predicted on Sunday, Nov. 15.
Xi made the pronouncement during his address at the Group of 20 (G20) summit in Antalya in southwest Turkey.
"China has the confidence and capability to maintain medium-high growth," Xi said.
According to Xi, China took the responsibility of driving economic growth during the world economic crisis, where China had contributed up to 50 percent of global economic growth from 2009 to 2011.
Although the country is experiencing a slowdown, China still contributes 30 percent to world economic growth, indicating that China is still a major world economic powerhouse, Xi added.
The Chinese leader said that the country's confidence comes from its determination and actions to implement reform and establish an open economic system, as well as China's strong endogenous dynamic economy and the policy guidance of the Chinese government.
The country has adopted the 13th Five-Year Plan (2016-2020) on national economic and social development, which aims to build a "moderately prosperous society" and double its 2010 GDP and per capita income of both urban and rural residents by 2020.
Xi predicted that in the next five years, China will adhere to an innovative, coordinated, green, open and shared development, and will encourage a system that nurtures innovation.
China will try to achieve the simultaneous development of the new type of industrialization, IT application, urbanization and agricultural modernization, according to Xi.
In the coming years, the country will prioritize green and low-carbon development, improve its environmental quality, as well as play a dominant role in global economy and implement the Belt and Road Initiative, Xi said.