China President Xi says economy within proper range

Chinese President Xi Jinping waits before a meeting with US National Security Advisor Susan Rice at the Great Hall of the People in Beijing.
Chinese President Xi Jinping waits before a meeting with US National Security Advisor Susan Rice at the Great Hall of the People in Beijing.PHOTO: AFP

BEIJING (REUTERS) -  China’s economy faces downward pressure but is still operating within a proper range, President Xi Jinping said in an interview with the Wall Street Journal published on Tuesday (Sept 22).

Developing capital markets is key goal of China’s reform, which will not change just because of current market volatility, Xi was also quoted as saying ahead of a visit to the United States.

Exchange rate reforms will continue, and there is no basis for sustained depreciation in the yuan, he added.

Top Chinese officials have been trying to reassure jittery global markets about their policy goals after a run of soft economic data and China’s surprise devaluation of the yuan rattled investors over the past month.

In the interview, Xi also said China's government does not engage in the theft of commercial secrets and does not support Chinese companies which do this.

"Cyber theft of commercial secrets and hacking attacks against government networks are both illegal; such acts are criminal offences and should be punished according to law and relevant international conventions," Xi said.

"China and the United States share common concerns on cyber security. We are ready to strengthen cooperation with the US side on this issue."

US national security adviser Susan Rice on Monday issued a stern warning to China that state-sponsored cyber espionage must stop, calling it a national security concern and critical factor in US-China relations.