Despite the potential risks increase, China's growth target is achievable – ADB expert

Almaty. April 6. Silkroadnews - Despite that China’s economic growth is expected to moderate, the country’s growth target is achievable, deputy director general of Economic Research and Regional Cooperation Department at the Asian Development Bank (ADB), Juzhong Zhuang said, China.org.cn reports.

As he noted during the Asian Development Outlook 2016 report presentation, “potential risks have increased in China”, yet “China’s target growth is achievable and risks are manageable”, stressing the fact that “the government is aware” of it and “they are taking action”.

According to Zhuang, the slowing down of China’s economic growth is due to a weak external demand, structural factors affecting demographics, China’s exports competitiveness and the government policy of shifting the model from growth led by exports and investment to growth led by consumption and the services sector.

According to the ADB report, economic growth in developing Asia will decrease slightly to 5.7% in 2016 and 2017 from the 5.9% in 2015. It emphasizes the necessity of structural reforms to boost Asia’s potential growth as it has slowed.