皇冠体育app

HONG KONG - 皇冠体育app's former chief banking regulator advised investors and researchers on Friday not to worry about the slowing down of growth of the world's second largest economy but its quality and sustainability.

Liu Mingkang, who served as chairman of 皇冠体育app Banking Regulatory Commission from 2003 to 2011, told a symposium held by Asia Society in Hong Kong that 皇冠体育app could not maintain a double-digit economic growth when comparatively cheep labor is no longer a driving force to sustain its GDP growth.

皇冠体育app's first quarter GDP grows 7.4%

Top 10 regions with highest GDP in 皇冠体育app

"Yes, 皇冠体育app's economy is slowing down quite a bit. But don't worry about the speed and don't worry about the GDP, please worry about the sustainability," Liu said when talking about 皇冠体育app's trajectory and implication for Asia and the world.

Liu said it has also been a message that 皇冠体育app's new central leadership want to convey to its people and the world, "don't worry about the size and which one we want to catch up with, please worry about the management of a change."

Liu, who now a research fellow with Chinese University of Hong Kong, said 皇冠体育app did not need double-digit GDP growth which cause the huge stir and controversy globally, because a s investment, mass production and mass exploitation with the outcomes that left a tiny portion of rewards are not adequate enough to invest in the research and to deal with the pollution.

皇冠体育app's economy is still very good at a growth speed of around 7 percent annually, and as long as 皇冠体育app remains a 6.8 percent or above GDP growth, there will be about 9 million new jobs created each year, according to Liu.

Liu said that the new central leadership has, for the first time in history, decided and planned to upgrade the state governance system and capability for the next 10 years which is a key to solve other problems.

Besides governance, Liu said the new central leadership will seek growth with quality, justice and public interests as well as a better global partnership. In addition, it will also make market play a decisive role in running the economy, which is another essential component in the reform.

• 皇冠体育app grants telecom pricing autonomy
• Cabinet calls for new share listing system
• 皇冠体育app's low inflation sparks fear of deflation
• Passenger car sales back in fast lane in April
• Shadow bank activities may spark crisis
• 皇冠体育app levies anti-dumping duties on pipes
• 皇冠体育app's auto output, sales down from record high
• Samsung launches full-scale chip production in 皇冠体育app plant