Chinese economy highly resilient: President Xi

BOAO, Hainan, March 28 -- Chinese President Xi Jinping said Saturday the Chinese economy is highly resilient and has much potential, which gives enough room to leverage a host of policy tools.

He said that while delivering a keynote speech at the opening plenary of the annual conference of the 2015 Boao Forum for Asia in Boao town, south China's Hainan Province.

The forum's theme this year is "Asia's New Future: Towards a Community of Common Destiny".

"As the economy continues to grow in size, around 7 percent growth would be quite impressive, and the momentum it generates would be larger than growth at double digits in previous years," Xi said.

Xi said China is shifting gear from high speed to medium-to-high speed growth, from an extensive model that emphasized scale and speed to a more intensive one emphasizing quality and efficiency, and from being driven by investment in production factors to being driven by innovation.

The Chinese economy grew 7.4 percent last year, the lowest pace in 24 years. However, the growth of gross domestic product (GDP) should not be the only measure of the economy.

"When looking at China's economy, one should not focus on growth rate only," Xi said. "We will focus on improving quality and efficiency, and give even greater priority to shifting the growth model and adjusting the structure of development."

China's labor productivity increased 7 percent and its energy intensity declined 4.8 percent on a year on year basis, according to the speech.

The share of domestic consumption in GDP rose, the services sector expanded at a faster pace, and the economy's efficiency and quality continued to improve, Xi said.

He said China will continue to be responsive to the new trend and take initiatives to shape the new normal in our favor.

The government will make more solid efforts to boost economic development and deepen reform and opening up, as well as unleash creativity and ingenuity of the people, Xi said.

In addition, he said the country will be more effective in safeguarding equity and social justice, and raising people's living standards.