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NDRC minister confident on China's economic future

03-05-2014 17:18 BJT Special Report: 2014 NPC & CPPCC Sessions |

China's National Development and Reform Commission has just held a press conference in Beijing. Minister Xu Shaoshi introduced the country's overall economic and social development, and its macro-control policies.

Responding to foreign reports that guess the Chinese economy will enter a recession, the minister said that fluctuations were common in all economies, and that he believed the prospects of China's economy were bright.

Xu said: "There are two firsts to be mentioned in regards to last year's economic development. One is that China has become the biggest country in the world in terms of international goods trade.

"The other is that the service sector has reached 46.1% of GDP, surpassing the manufacturing industry for the first time. That shows China has made important progress in terms of structural reform."

Minister Xu Shaoshi did admit that China's economic development faces challenges. Big issues include excess-capacity in certain industries, and keeping a balance between development and the environment. There are also some risks in the financial and real-estate sectors.

But Xu remained confident, saying China would address and solve these problems through more structural reforms.

 

Editor:James |Source: CCTV.com

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