China's President Xi Jinping says nation should not focus on growth rate only

BOAO, China (Reuters) - Chinese President Xi Jinping said on Saturday that the country should not focus on its economic growth rate only, reiterating China's push for a more sustainable, higher-quality expansion.

Chinese leaders have announced an economic growth target of around 7 per cent for this year, below the 7.5 per cent goal in 2014 and the slowest rate in a quarter-century.

Mr Xi, who was speaking at a forum in Boao on the southern Chinese island of Hainan, said 7 per cent growth was still impressive and would be a big driver of momentum.

He said the Chinese economy was resilient and had much potential, allowing for a host of policy tools. Analysts anticipate further interest rate cuts in China this year.

The theme of the Boao forum is: Asia's New Future: Towards A Community of Common Destiny.

Join ST's Telegram channel and get the latest breaking news delivered to you.