President Xi fully confident about Chinese economy

BALI, Indonesia - Chinese President Xi Jinping said here on Monday that he is fully confident about the future of the Chinese economy, based on a comprehensive analysis of all factors.

"I am confident because first of all China's growth rate is within the reasonable and expected range," said Xi while addressing the Asia-Pacific Economic Cooperation(APEC) CEO summit, noting that the change in speed of growth has on the whole been smooth.

Describing the fundamentals of the Chinese economy as good, Xi said that "everything has been going as expected and nothing has come as surprise."

He stressed that the slowdown in the speed is an intended result of China's own regulatory initiatives.

"Second, I am confidant because the quality and efficiency of China's economy development are improving steadily," the president continued.

Moving from over-reliance on investment and export to dependence on domestic demand, China, instead of taking GDP growth as the sole criterion for success, is now focusing more on improving the quality and efficiency of growth, he elaborated.

"Third, I am confident because China has a strong home-grown driving force for growth," said Xi, adding that ongoing urbanization, education improvement and expansion of domestic demand will continuously inject impetus into the economy.

The Chinese leader also attributed his confidence to the sound development prospects of the Asia-Pacific, saying his country has faith in the development of the whole region.

"China has achieved its own development, and at the same time, China's development has also contributed to regional economic growth," said Xi, eying a stronger momentum of the interaction in the future.

After wrapping up his state visits to Indonesia and Malaysia, the Chinese President arrived in Bali on Saturday afternoon to attend the APEC meeting, his first appearance at the summit since taking over the presidency in March.