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China to continue medium-high growth: WB official

Updated: Mar 21,2016 9:47 AM     Xinhua

Guests attend the Economic Summit of China Development Forum 2016 in Beijing, capital of China, March 19, 2016. The three-day China Development Forum 2016 kicked off here on March 19. [Photo/Xinhua]

China can achieve at least 6.5-percent GDP growth in the next five years if everything goes as planned, said Sri Mulyani Indrawati, Managing Director of the World Bank on March 20.

There will not be a sudden loss in the growth speed for the world’s second largest economy, said Indrawati at the two-day China Development Forum 2016 that opened in Beijing.

In the 13th Five-Year Plan released this week, the Chinese government has recognized what need to be done, according to the managing director.

It’s important for China to change its growth model: relying more on domestic sources of growth, said Indrawati, adding that the process, however, will not be immediate.

The most important thing is where the growth comes from, rather than the speed, according to her.

She said the Chinese economy is increasingly powered by consumption and the service sector, an indication that the adjustment of growth model is happening.

“The government knows the new direction as was announced in the five-year plan,” said Indrawati, adding that policymakers should forget “the muscle memory” -- the government’s old way of managing the economy.