China's Xi vows to stabilize growth, despite bearish outlook

Chinese President Xi Jinping pledged Thursday to "stabilize" economic growth while pressing ahead with reforms, despite bearish growth outlook for the world's second-largest economy. "We made a determined decision to stabilize growth, readjust the structure and deepen reform," Xi told a joint interview with media from Indonesia and Malaysia as he embarked on a trip to Jakarta. Xi will then head to Malaysia before returning to Indonesia to attend the Asia-Pacific Economic Cooperation forum next week. The transcript of the interview was posted on China's foreign ministry website. "No longer taking GDP as the sole measurement of success, we are focusing more on the quality and efficiency of growth," said Xi, who took office in March. "The measures of readjustment and transformation today are aimed at achieving growth tomorrow that is sounder, more sustainable and of even higher quality," Xi said. China's economy grew 7.7 percent last year, marking the worst performance in 13 years. In the second-quarter of this year, the Chinese economy also slowed to 7.5 percent from 7.7 percent three months earlier. On Wednesday, the Asian Development Bank trimmed its growth outlook for China this year to 7.6 percent from its April estimate of 8.2 percent, citing a downturn in exports and a weakening domestic demand. Xi, however, voiced confidence about the Chinese economy. "Comparatively speaking, China's growth is not slow," Xi said, adding his government "has full confidence in achieving a sustained and sound economic development."    "A Chinese economy that is on track of sustained and sound growth will inject fresh impetus to global economic recovery and make greater contribution to the common development and prosperity of the Asia-Pacific," Xi said. China is expected to announce a set of economic reform measures at a crucial plenum of the ruling Communist Party set for November.