China committed to openness, Xi says

Opportunities will arise from developing the domestic market, in upgrading public infrastructure, in all new technologies and new business processes, and in environmental protection and energy conservation.

Xi welcomed investors to participate in China's initiative to revive the transcontinental trading routes.

China hopes to increase its trade volume with its Silk Road partner nations to $2.5 trillion in a decade, Xi said, adding that the initiative will be a boost to infrastructure development in those nations and serve to facilitate their industrialization.

The growth target for China's economy this year is around 7 percent－robust by global standards, but still the slowest rate in a quarter-century.

Xi said on Saturday in his keynote speech at the Boao Forum that as the economy continues to grow, the momentum it generates will be larger than the double-digit growth of previous years.

The latest AmCham China's Business Climate Survey found that although a majority of corporate executives remain optimistic about the prospects for China's domestic growth, "increasing Chinese protectionism" ranks among the top five challenges.

The Chinese economy's entry into "new normal" not only has significant implications for the nation itself, but also for Asia and the world, said Chi Fulin, president of the China Institute for Reform and Development.

Lawrence Chia, CEO of Deloitte China, said: "Depending on what sector they are in, our clients have come up with various strategies to cope with the slowdown or the 'new normal', and the slowdown might actually provide opportunities for certain firms that are in the sectors plagued by overcapacity."

Contact the writers through zhaoshengnan@chinadaily.com.cn