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UN president backs China, emerging economies
August 10, 2013, 4:39 am

The role of emerging markets will grow stronger says the UN General Assembly [AP]

The role of emerging markets will grow stronger says the President of the UN General Assembly [AP]

The President of the United Nations General Assembly Vuk Jeremic has outlined the resilient Chinese economy as one of the strongest global performers.

“The growth, which some people question that whether this is good enough or strong enough…I don’t really think that there are too many countries in the world that can have 7.6 per cent growth, a very stable one,” he said.

Jeremic was speaking to Chinese media in Beijing on Friday.

He also stressed that the role of emerging economies would rise further.

“The role of the emerging markets and developing countries will become stronger and the most significant element in this new geopolitical puzzle and the new landscape, as part of the wider global development”, he noted.

BRICS countries now account for 27 per cent of the world’s gross domestic product (GDP) and are predicted to overtake the developed G7 economies by 2027.

“If China is going in the right direction, the rest of the world will be going in a good direction economically. If China is having difficulties, everybody is going to have difficulties,” he said.

China’s growth has slowed to to 7.5 per cent in the second quarter from 7.7 per cent in the first three months of 2013.

“I understand that of the 7.6-percent growth rate, 7.5 per cent can be attributed to domestic demand, so we are talking about really ‘solid’ growth, perhaps not 10 percent like China used to have,” the US official noted.

Chinese President Xi Jinping said earlier in July that reforms must be comprehensively deepened in order to help China cope with challenges.

Improved economic indicators released in China on Friday suggest the Asian nation’s economy could be stabilising.

The country’s nominal retail sales grew 13.2 per cent year on year last month to 1.85 trillion yuan ($300.2 billion), according to the National Bureau of Statistics (NBS).

Source: Agencies