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Interview: China's GDP growth rate still healthy -- U.S. expert

Xinhua, October 28, 2015 Adjust font size:

China's growth rate is still healthy given that China is in the course of deepening reform, said a U.S. expert.

The Chinese economy expanded 6.9 percent year on year in the third quarter of 2015, the first time below 7 percent in more than six years.

"I think 6.9 percent is still a very healthy growth rate," said Virginia A. Kamsky, chairman and CEO of Kamsky Associates, Inc.

"I think it needs to be taken into context of what has been referred to in China as 'new normal,'" she told Xinhua, adding that the term is a very important way to look at China and understand its economy.

When talking about her tour in China lately, Kamsky said: "Wherever we went, you can get the feeling of vibrancy of the economy."

She believed that the service sector is among the fastest growing ones in China.

"Chinese policy has changed the economic model, so that it is not FDI-driven, it is not export-driven, but domestic consumption-driven," she said, using the shortened form of foreign direct investment.

Official statistics have shown that in the first three quarters, the added value of the service sector accounted for 51.4 percent of GDP, up 2.3 percentage points from the same period last year.

"I think China has stayed a steady course of deepening reform ... and we will see that in the next five-year plan."

The five-year plan she referred to is an economic blueprint that leaders of the Communist Party of China (CPC) are discussing for the 2016-2020 period at the ongoing fifth plenary session of the 18th CPC Central Committee. A new growth program to direct economic and social development in the period is expected to be unveiled.

"In the next five-year plan, I see a focus on high-quality innovative materials as opposed to just turning out widgets. So high value added is where you are going to see the focus," she said. Endi