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Growth to stabilize on new momentum

Xinhua, March 19, 2016 Adjust font size:

Chinese economic growth is expected to stabilize buoyed by investments, capacity cuts and emerging new momentum, an official said on Saturday.

"China is capable of reaching a 6.5-percent growth rate this year, and the economy will pick up in the next two years," said Wang Yiming, deputy director of the development research center of the State Council, at the China Development Forum held in Beijing this weekend.

While many worried about the country's slowed growth rate, Wang said quality and efficiency of economic growth are more crucial, adding that 7-percent growth rate is not a "watershed" of the economy.

Wang agreed that the economy is shifting from a high speed growth to a medium-high one, driven largely by the ongoing structural reform.

Kicked off today, the China Development Forum attracted leaders of heavyweight companies ranging from Facebook to Alibaba along with top academics and politicians.

High-tech industries, emerging innovations and entrepreneurship nationwide were considered as sources of new momentum. Endi