China is aiming for average economic growth at or above 6.5 percent for the next five years, the government said on Saturday, as the world's No. 2 economy seeks to balance deep structural reforms, gyrating financial markets and softening global trade.

Chinese leaders are expected to cut their growth target to allow more flexibility in overhauling their slowing, state-dominated economy when their legislature meets this week. But they are unlikely to unveil significant new reforms.

Commitments by China and other major economies over the weekend have lowered the threat of currency depreciations that could fuel global market turmoil, U.S. Treasury Secretary Jacob Lew said Tuesday.

China's premier told visiting U.S. Treasury Secretary Jacob Lew on Monday his government is pressing ahead with painful reforms to shrink bloated coal and steel industries that are a drag on its slowing economy and ruled out devaluing its currency as a short-cut to boosting exports.

China’s transition to a more innovative, consumer-driven economy is well underway. While volatility is likely to persist, smart use of state resources, together with sure-footed reforms and increased transparency in decision-making should help China achieve moderate yet sustainable long-term growth.

A vice governor of China’s central bank said the authorities have full confidence in yuan’s fundamentals and the nation’s capital outflows will slow down, reiterating recent rhetoric to soothe market concerns about the domestic currency.

Chinese policymakers told global financial leaders on Friday the world's second-largest economy remains on a sound footing, while also seeking to manage expectations around the pace of economic reforms in the country.

Expectation management is key to the stability of the yuan, and the central bank should give priority to the offshore yuan market, because this is not only a highly free and liberalized market, but also an important venue where international speculators would try to attack or manipulate the exchange rate of the yuan.

China now seeks to export its excess industrial capacity as a means to cope with its economic troubles. The problem is that China is trying to export its way out a local crisis caused in large part by a global glut of commodities. Whatever the case, we should expect Chinese foreign investment to continue to grow, spurring a commensurate rise in its political influence.

Since the global financial crisis of 2008, the growth track and pattern of the world economy have undergone dramatic changes, and maintaining an easy monetary policy by the central banks will not be enough to remedy the situation. New “supply substitution” is needed to improve the productivity and innovative output of all factors, and to earnestly promote global economic growth.