Falling growth in the world’s second largest economy has concerned investors and roiled financial markets so far this year, along with falling oil prices, but China’s Vice President Li Yuanchao put a positive spin on his country’s lowest growth in a quarter of a century in a speech at the World Economic Forum on Thursday.
Li told business leaders and politicians in Davos that China “remains a major driving force for global growth,” after China's GDP growth fell to 6.9%, the lowest since 1990, last year.
“The world economy is now at crucial stage of a shift in the force that drives growth and the Chinese economy has entered a new normal,” characterized by a shift from rapid expansion to pursuing higher quality and efficiency, Li said.
