China’s No 2, waves off China economy fears, triggers deals

18.02.2012

Chinese Vice President Xi Jinping said on Friday the Chinese economy would experience stable growth and avoid a hard landing this year, discounting a scenario economists fear may upset the global economy.

The Chinese leader-in-waiting, turning to courting American companies and governors hungry for a slice of his nation's growth, told a business forum in Los Angeles that the world's No. 2 economy will continue to push domestic demand while directing investment toward the United States.

Xi said "2012 will be a crucial year in driving the 12th five-year plan. China's economy will maintain stable growth ... there will be no so-called hard landing."

"We will encourage more consumption, imports, and outward investment," he told a business forum in Los Angeles on the final leg of his five-day U.S. visit, drawing light applause.

Xi is almost certain to succeed Hu Jintao as Chinese president in just over a year, and his tour of the United States has featured commercial deals and reassuring talk intended to blunt American ire about the trade gap between the countries.