Economic basics will stay positive, interview emphasizes

The Chinese economy has stayed on a trajectory of stable growth, and the country's economic fundamentals will remain positive in the long run, President Xi Jinping said in a written interview with Russian media.

On the eve of his state visit to Russia, Xi told TASS Russian News Agency and the Rossiyskaya Gazeta newspaper on Tuesday that China has all the necessary conditions, capability and confidence to deal with any risks or challenges.

Despite a slowdown in global growth and trade, the Chinese economy has had a strong start this year with key economic indicators remaining in a proper range, he said.

The country's GDP grew by 6.4 percent in the first quarter, which represented the 14th consecutive quarter in the 6.4 percent to 6.8 percent range.

The country added 4.59 million urban jobs in the first four months, with total imports and exports up by 4.3 percent year-on-year and its foreign exchange reserves remaining above $3 trillion.

Xi said there will be ample factors to reinforce the steady, healthy and sustainable growth of the Chinese economy.

The president called the country's large pool of resources a primary factor. China has a population of nearly 1.4 billion, a 900-million-strong workforce, the world's largest middle-income population and over 100 million market entities.

Growing economic dynamism will also serve as an important stabilizing factor, he said. China's research and development spending ranks second in the world, accounting for around 2.18 percent of its GDP, while emerging strategic industries, the sharing economy and other new growth engines are also seeing continuous expansion.

The strong leadership of the Communist Party of China and the solid material and technological foundation built through decades of rapid development in the era of reform and opening-up will also help shore up economic growth, he said.

He added that China also has enormous resilience, potential and flexibility in development, deep experience in macroeconomic regulation and ample space for policy adjustments.

The president said China will work with Russia to foster stronger synergy between the Belt and Road Initiative and the Russian-led Eurasian Economic Union, advance negotiations on a Eurasian economic partnership agreement and enhance facilitation of regional trade and investment.

He said development and use of the Arctic shipping routes will provide new opportunities, a new platform and new impetus for synergizing the BRI and the EAEU.

Security and environmental protection are crucial in developing these routes, and China encourages its companies to take an active part and make practical contributions to the commercial operation of Arctic shipping routes and local economic and social development, he said.

Xi called the Shanghai Cooperation Organization a successful example of the commitment of China and Russia to forging a new type of international relations and a good platform for such efforts.

China will work with Russia and other SCO member states to enhance unity, mutual trust and cooperation in various areas so that the organization will add more stability and positive energy to the world and contribute to the building of a community with a shared future for mankind, he said.

Xi said the Iran nuclear deal, as the embodiment of multilateralism, is crucial for international nuclear nonproliferation and for peace and stability in the Middle East.

"China and Russia will stay in close coordination to push for positive developments while upholding the authority of the UN, peace and security in the world, and the common interests of the international community," he said.