Quality matters more than growth rate for China’s economy: former U.S. official

China is a big contributor to global economic growth, and a healthy and sustainable economy matters more than the growth rate, the former U.S. Treasury Secretary Henry Paulson has said.

“I do not focus on whether China is growing at 6 percent, 6.5 percent or 6.9 percent. When I look at it, I want it to be healthy and sustainable growth,” Paulson told reporters in Beijing Wednesday.

“China’s economy needs to grow more with consumption, and less driven by investment. It is a positive sign that growth from net exports is very small compared with consumption,” said Paulson, chairman of the Paulson Institute.

“With China opening up its market and lowering market access, it will boost Sino-U.S. relations which are the most important ones in the world. A closed market benefits no one, and both China and the United States will gain from opening-up,” he said.

Paulson was optimistic about future relations, and said that though the situation was complex, dialogue would help reduce friction and build trust.
Source: Xinhua