China economy enters “new normal” eyeing 7 pct growth rate: G20

ANKARA, Sept. 6 (NsNewsWire ) — The Chinese economy has entered a “new normal” status and the growth rate of economy is predicted to be around 7 percent in the coming 4 to 5 years, said Chinese Finance Minister Lou Jiwei here on Saturday.

Lou said it in a written statement after the 2-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara Turkey, reports Xinhua.

Zhou Xiaochuan, People’s Bank of China governor pointed out in the joint statement that there is no foundation that RMB will keep devaluing for a long term.

Zhou Xiaochuan stated that the bubble in Chinese stock market keep increasing before June 2015. The Shanghai Composite Index has mounted up 70 percent from March to June.

Risks as Investors leverage rapid rise occur during this period of time. China has implemented the correction phase of stock market for three times among which the third time in August has some global impacts.