Chinese VP Wang Qishan said earlier at Davos there’s no reason for concern about his country’s economic expansion, despite China recently reporting its slowest growth in almost three decades.
“There will be a lot of uncertainties in 2019, but something that is certain is that China’s growth will continue and will be sustainable,” he said Wednesday.
Earlier this week, China said its economy grew 6.6% in 2018.
“I think 6.6% is a pretty significant number,” he said. “Not low. At all.”
Wang said that the Communist Party is “trying to remind people that speed does matter, but what really matters for the time-being is the quality and efficiency” of development.
China’s government has been working to rein in high levels of debt and put the vast economy on more stable footing. But those moves have led to a slowdown. Momentum has also been blunted by the trade war with the United States, which has led to tariffs on hundreds of billions of dollars in Chinese exports.