Millennium Post

China admits slowdown,vows reforms

Economy still faces many challenges and "relatively big" downward pressures such as increasing difficulties for businesses and the emergence of economic risks, the Central Economic Work Conference (CEWC) attended by top Chinese leaders including President Xi Jinping and Premier Li Keqiang said. The economy will actively adapt to the economic "new normal" of slower speed but higher quality, it said.

About concerns that Chinese economy for the first time in the recent decades would miss the 7.5 per
cent growth target, a statement issued at the end of the three day meeting said China could deliver its social and economic goals for 2014 "relatively well", with the economy staying within a reasonable range.

The meeting was held amid a string of weak economic data which stoked speculations that China may miss annual growth target.

The statement did not give a specific growth target for 2015, which is usually made public in March, but said China will be "reasonable" when setting up goals and maintaining the flexibility of its macro-control policies.

Earlier reports said that the Chinese economy which posted about 7.7 per cent growth rate last year a notch above the official target of 7.5 per cent could slip to around 7 per cent or even below amid dropping export markets and reconfiguration of the export driven economy by boosting domestic demand, which is not taking place at a pace wanted by the government.

.. Decides to build world’s first deep sea mining vessel

A Chinese shipyard has inked a deal with a Singapore firm to build the world’s first deep-sea mining vessel which can serve as a platform for seabed mining up to 2,500 meters.

Wu Pingshan from Fujian Mawei Shipbuilding Co Ltd, which is based in east China’s Fujian Province, said that the contract had been signed with a Singapore firm but declined to disclose the name of the contractor, state-run Xinhua news agency reported. The vessel with 30 mw of power can serve as a platform for seabed mining as deep as 2,500 meters.
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