China doesn’t need the rapid economic growth of the past and will instead focus on tasks including returning the blue to Beijing’s skies, Vice Premier Zhang Gaoli told global executives gathered in the city.
“It is both impossible and unnecessary to maintain the very high growth of the past,” said Zhang, a member of the seven-man Politburo Standing Committee, the nation’s top decision-making body. “We’ve paid the price for that,” he said Sunday. “It’s not sustainable.”
China’s growth has cooled as officials rein in local-government debt, crack down on graft and strengthen environmental laws after economic expansion averaged about 10 percent annually over 30 years. Premier Li Keqiang’s targeted gain of about 7 percent in gross domestic product this year would be the smallest increase since 1990.
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