Xi: China's current growth rate result of sound adjustment

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The fundamentals of the Chinese economy are sound and the current growth rate is the result of sound adjustment aimed to transform and upgrade the economy, President Xi Jinping reiterated during a joint written interview with media from Turkmenistan, Russia, Kazakhstan, Uzbekistan and Kyrgyzstan on bilateral relations, the G20 affairs, the development of the Shanghai Cooperation Organization (SCO) and China's economic situation prior to his Central Asian trip.

On his schedule, Xi will pay state visits to Turkmenistan, Kazakhstan, Uzbekistan and Kyrgyzstan and attend the eighth Leaders' Summit of G20 to be held in St. Petersburg, as well as the 13th Meeting of the Council of Heads of Member States of SCO in Bishkek, capital of Kyrgyzstan.

The media include the Neutral Turkmenistan Newspaper, the Interfax News Agency of Russia, the Kazakh Telegraph Agency, the Kazakhstanskaya Pravda, the Information Agency "Jahon" of Uzbekistan and the Slovo Kyrgyzstana.

Following is the full text:

1. How would you evaluate Turkmenistan' s relationship with China, in particular the energy cooperation between the two countries? What outcomes do you expect to achieve from this visit?

The friendly relationship between China and Turkmenistan dates back a long time. The commercial and cultural exchanges along the ancient Silk Road have laid a solid foundation for the traditional friendship between the two countries. Since the establishment of diplomatic ties in 1992, bilateral relations have come a long way. Last year, two-way trade reached a new record of US$10.3 billion, registering a growth of over 100 folds in seven years. The two sides have maintained close communication and coordination in the United Nations and on Central Asian affairs and firmly upheld their common strategic interests. China is satisfied with the achievements in its relations with Turkmenistan.

Energy cooperation is a highlight in China-Turkmenistan relations, which fully testifies to the high level of political mutual trust between the two sides. The two countries successfully carried out major cooperation projects such as trade in natural gas and construction of the China-Central Asia gas pipeline. The China-Central Asia gas pipeline is now linked up with the second line of China's west-to-east gas transmission project. Together, they form the longest natural gas pipeline in the world. The natural gas from Turkmenistan at the heart of Central Asia could now be transferred through a distance of over 8,000 kilometers, crossing mountains and rivers, to reach the Pacific coast. It is a fine example of international energy cooperation and an epitome of the friendship between the Chinese and Turkmenistan people.

China, a major energy consumer, and Turkmenistan, a major energy producer, enjoy a natural advantage and huge potential in energy cooperation. China is ready to expand the current pipeline construction and natural gas trade with Turkmenistan in line with the principle of equality, mutual benefit and win-win cooperation. The two sides may launch all-dimensional cooperation, including in areas of exploration, development and oil and gas chemical industry, and be each other' s long-term, stable and reliable strategic partners in the energy field.

Now, the Chinese people are working hard to realize the Chinese dream of the great renewal of the Chinese nation, and the Turkmenistan people are striving to bring about an epoch of power and happiness. This makes the development strategies of the two sides all the more compatible.

I am looking forward to the visit during which I will have in-depth exchange of views and jointly make some important decisions with President Berdymukhamedov on how to plan for the third decade of bilateral relations and how to coordinate development strategies of the two sides and realize common prosperity. I am confident this visit will achieve the goal of lifting the overall bilateral relationship, facilitating large projects and cooperation in priority areas and promoting lasting friendship from generation to generation, so as to inject a strong impetus into the relationship between the two sides.

2. How does China view its current economic slowdown? What are the future prospects of China' s economy? Will China adopt any new measures to stabilize economic growth?

The fundamentals of the Chinese economy are sound. In the first half of this year, China' s GDP grew by 7.6%, which was relatively high compared with other countries. In fact, the growth rate could have been higher had we continued with the past development model. However, we have chosen to implement a macro economic policy under which we will press ahead with the adjustment of economic structure in order to transform and upgrade the economy. We would rather bring down the growth rate to a certain extent in order to solve the fundamental problems hindering our economic development in the long run. In this sense, such a growth rate is the result of sound adjustment.

In specific terms, domestic demand accounted for 7.5 percentage points in the 7.6% growth rate, and our current account surplus is now within the internationally recognized reasonable range. We have focused on improving our social security policy and stabilized and expanded employment, providing 7.25 million new jobs in the first half of this year. We are indeed confronted with difficulties such as local government debt and overcapacity in some industries, but the problems are well within control and could be handled properly.

China's economy, the second largest in the world, is highly integrated with the world economy. China's economic development has contributed significantly to world economic recovery. A China that enjoys more stable economic performance, higher quality of growth and better prospect of sustainable growth undoubtedly bodes well for the world economy. We have the conditions to realize sustained and sound economic development, which will expand market and development space for other countries and generate more positive spillover effect for the global economy.

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