Chinese Finance Minister Lou Jiwei says China's economy won't face a hard landing after the second day of the China-US Strategic and Economic Dialogue.
CEOs from China and US hold a roundtable conference during the fifth round of the China-U.S. Strategic and Economic Dialogue (S&ED) in Washington DC, on Thursday, July 11, 2013.
Economy and trade dominated Thursday's meeting. Lou says the two sides have agreed to advance communication and coordination in macro-economic policies. They also exchanged views over global economic development and cooperation.
According to the minister, China's economic growth may slow down in the second half of 2013, compared with the first half. But he said China can maintain a 7 percent growth rate. He also pointed out that progress has been made in economic structure reform.
Consumption has made more contributions to economic growth and the service sector has begun to expand. Lou also said the US economic recovery has set up a basis for the Federal Reserve to quit its quantative easing policy, but it won't have a significant impact on China as the country's capital account is not fully open.