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Banking on recent better-than-expected GDP growth statistics, China’s leaders are looking to business and economy experts for advice on how to sustain the country’s market dynamo.
In a meeting with prominent international think-tank 21st Century Council non-governmental forum, which concluded its conference in Beijing on Sunday, President Xi Jinping pledged to continue China’s economic reforms and policy of opening up its markets.
The 21st Century Council comprises former heads of state, top-ranking financiers and global entrepreneurs.
“The more China is developed, the more the country will open up,” he said.
“There are sufficient factors supporting China’s economic development. We are confident that the Chinese economy will keep growing in a sustained and healthy way.”
According to the National Bureau of Statistics (NBS), China’s economy beat expectations and registered growth at 7.8 per cent in the third quarter.
Growth had fallen to 7.5 per cent in the second quarter on dampened global demand for Chinese goods.
But Xi’s statements are likely to be given a greater boost by recent services and manufacturing data indicating strong domestic consumption and employment.
On Sunday, the NBS and the China Federation of Logistics and Purchasing (CFLP) said that the purchasing managers’ index (PMI) for China’s non-manufacturing sector hit a new record at 56.3 per cent in October, up from 55.4 per cent for September.
A PMI reading above 50 per cent indicates expansion in non-manufacturing activities, while a reading below 50 per cent points to contraction.
Regarding the manufacturing sector, factory sector growth hit its fastest pace in 18 months buoyed by new orders, purchasing managers’ reports showed on November 1.
China’s purchasing managers’ index (PMI) for the manufacturing sector rose to 51.4 per cent in October, hitting a new high since May 2012, the NBS said.