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China plans an annual 7-8-percent economic growth for the next 10 years

Comprehensive deepening of reforms will unlock China's economic potential and ensure 7-8 percent economic growth over the next 10 years, Chinese Deputy Finance Minister Zhu Guangyao said at a press conference on Tuesday, Xinhua News Agency reported.

The development of the Chinese economy can be constrained by shadow banks, the use of local platforms for raising funds, real estate prices and a slowdown in economic growth in the short term, he said.

"We must be very careful about these problems. They must be addressed by actions that will ensure a healthy and sustainable development of the economy," the Chinese official said. He ruled out the possibility of using a large-scale economic stimulus program to solve short-term economic problems. In his opinion, such a plan will have a negative impact on medium and long term economic development.

"We are confident that the Chinese economy will maintain 10-7 percent growth over the next 8 years," Zhu Guangyao said. He explains his conviction in this by deepening reforms, which is beneficial from the point of view of labor supply, the level of savings and the efficiency of all factors of production.

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