“Chinese economy resilient”: Xi Jinping assures BRICS grouping 

China’s leader Xi Jinping through his minister informed the BRICS grouping that China’s economy is resilient and that the underlying principles for its long-term growth remain the same.

In a prepared statement read out at a business roundtable by Wang Wentao, China’s commerce minister, Xi said,"The Chinese economy has strong resilience, tremendous potential and great vitality."

Due to a deteriorating real estate slump, sluggish consumer spending, and falling credit growth, recovery in the world’s second-largest economy has lost momentum, strengthening the need for policy stimulus from the government.

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However, according to Xi, China has several economic advantages, including a “super-sized market”, a fully developed industrial system, and a large pool of skilled workers.

“The giant ship of the Chinese economy will continue to ride the wind, cleave waves, and forge ahead,” Xi' statement read.

Meanwhile, the U.S. on Tuesday criticised China for decreasing the transparency of its reporting of fundamental economic statistics and for taking aggressive action against Chinese companies that had been supplying such data.

(With inputs from Reuters)

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