Li Keqiang: GDP growth in China by the end of 2015 will amount to about 7%

Li Keqiang: GDP growth in China by the end of 2015 will amount to about 7%

The unemployment rate for the year was lower than expected, despite internal difficulties, the country’s economy has maintained steady growth, said Prime Minister Li Keqiang.

BEIJING, 16 Jan. Zhanna Manukyan. The growth of China’s GDP by the end of 2015 in annual terms will amount to 7%, said Saturday the Chinese Premier Li Keqiang.

“In the past year amid the global economic recession, and in conjunction with internal difficulties, the Chinese economy has maintained steady growth. Annual GDP growth is expected at 7%. In other words, closer to 7%,” said Li Keqiang, speaking to the members of the Board of governors of the Asian infrastructure investment Bank in Beijing.

The Premier noted that China has achieved a relatively high employment rate and unemployment fell below expectations. According to him, the Chinese economy experiencing a positive change: as the service sector now occupies almost half of the total GDP of the country.

“In 2016, a very difficult situation. We have internal problems, but our economy is possible and a large space for development. We have the ability to support medium to high growth and make greater contribution to the world economy”, — said Li Keqiang.

According to official data, GDP growth in the third quarter in annual terms it stood at 6.9% vs. 6.8%. Despite the fact that the rate was better than analysts ‘ forecasts, the growth of the economy still shows the slowest pace since 2009.

In the first two quarters of 2015, the Chinese economy grew by 7%, which corresponds to the bar which was established by the government early last year. Data for the fourth quarter will be published next week. Experts also predict a slowdown to 6.8%.