President tells China to get used to slower growthBy AP News May 12, 2014 11:22AM UTC
BEIJING (AP) — China’s president has told the country to get used to slower growth, damping expectations Beijing might launch a new stimulus.
President Xi Jinping’s weekend comments come amid indications that trade and manufacturing are weakening. Economic growth slowed in the latest quarter to 7.4 percent. Other leaders have ruled out further stimulus, though Beijing boosted spending on building railways and other public works in March in an apparent effort to prevent a rise in unemployment.
“We must boost our confidence, adapt to the new normal condition based on the characteristics of China’s economic growth in the current phase and stay cool-minded,” Xi said, according to the official Xinhua News Agency.
Xi said the government will focus on longer-term reforms aimed at stabilizing growth.