Bern: China’s economy will remain stable and keep growing steadily while resisting protectionism, President Xi Jinping (pictured) said Swiss executives yesterday.
“We are confident” Xi said, adding that there were headwinds facing the global economy, which is still weak.
“Overall China’s economy is performing steadily. In 2016, last year, GDP is expected to grow by 6.7 percent on a year-on-year basis, and that means we met our set target, but that expectation according to some international institutions will be among the highest among major economies.”
“Protectionism, populism and de-globalisation are on the rise. It’s not good for closer economic cooperation globally,” he said. Xi, on a state visit to Switzerland before a keynote speech at the World Economic Forum in Davos, said China’s economy, with growth expected at 6.7 percent in 2016, was entering a “new normal”, and Swiss firms could help it improve quality, and become more efficient, equitable and sustainable.
“The restructuring of China’s economy and the upgrading of our industries will generate huge new demand.” Xi said. China has become Swiss engineering company ABB’s second biggest single market.
