China's Xi Says Economy Shifting to Slower but Stable Growth

Chinese President Xi Jinping says his country's economy is shifting to a 'new normal' of slower but more stable growth.
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Chinese President Xi Jinping says his country's economy is shifting to a 'new normal' of slower but more stable growth. Xi spoke to the benefits of Chinese development to the world in a speech Saturday to Asian business leaders gathered in Beijing, ahead of an Asia-Pacific summit Monday and Tuesday. He says China's outbound investment will exceed $1.25 trillion over the next 10 years, while China will import more than $10 trillion worth of goods and send more than 500 million tourists abroad over next five years. China's economy grew by 7.4% in the third quarter, the lowest level in five years. However, Xi says it remains robust, with strong job growth, low inflation, rising incomes and a shift away from investment to services and high-tech manufacturing.