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China's national legislature passed the foreign investment law at the closing meeting of its annual session on March 15. [Photo/VCG]
China's financial sector is generally stable at the moment, after some risky activities have been reined in, including cases of rapid, less-regulated business expansion and illegal fundraising. The macro leverage level has been stabilized with a change of market expectations and improvement of financial institutions' compliance, the statement said.
China's economy is one of the fastest growing economies in the world, with recorded growth of 6.7 percent in 2016, compared to 1.6 percent of the US, according to the IMF's Economic outlook. A new study by PricewaterhouseCoopers says China is projected to overtake the US as the world's largest economy by 2050, India will rank second, while the US will slip to third. This trend is intensifying the trade competition between China and the US. While the West views Africa as a trouble spot of instability and a source of illegal immigrants, China eyes Africa as an economic partner.
China's growing openness and its digital economy's continuing impetus to social and economic development are big positives, business executives and experts said.
China's new development philosophy, which embraces innovation, coordination, going green, openness and sharing, is the guidance of the 14th Five-Year Plan, which is also a significant part of Xi's economic thought, said Yang Weimin, deputy director of the Economic Affairs Committee of the Chinese People's Political Consultative Conference National Committee.
来源：资阳报