Factbox: China Comment: Xi says GDP not the only performance metric

BEIJING (Reuters) - Chinese new leaders have promised to keep the economy on an even keel in 2013 with flexible policy settings while accelerating free-market reforms to sustain long-term growth.

Annual economic growth rebounded to 7.9 percent in the fourth quarter from 7.4 percent in the third, though the 2012 annual pace of 7.8 percent was the worst in 13 years.

Below are recent comments on the economy from top government leaders members and senior institutional chiefs.


"We should improve our way of evaluating officials' performance. We should not only look at (economic) development but also fundamentals, not only at obvious achievements but also at potential results."

"We will include indicators including welfare improvements, social development and ecological benefits as important measures in evaluating officials. We should no longer evaluate performance of officials simply against GDP growth."

(Xi made the comments in a national party meeting on personnel and organization issues)

Source: Xinhua, June 29;


"China's economic growth is on a steady track. China has the conditions and the capability to reach the major goals the Chinese government set for economic growth this year."

"China will continue to further its opening-up policy and to deepen its reform initiatives to achieve long-term, sustainable and healthy development and to address the structural problem in the economy."

(Li made the comments at the Third Global Think Tank Summit in Beijing)

Source: central government website, June 29;


"I am worried that the 'shadow banking' capital may flow into the property market, outdated industries and some local government financing vehicles with poor qualifications, which might lead to relatively high risks."

"We must develop a system of small- and medium-sized banks mainly invested by private investors ... and we should unswervingly push forward market-oriented reforms of interest rate and exchange rate (regimes)."

"Personally, I think we could complete the two reforms naturally over the next 10 years if we the international financial crisis won't take a turn for the worse."

"We can also complete the reform on renminbi (yuan) convertibility under the capital account and the use of yuan in cross-border trade over the next 10 years if there is no big changes in the international market."

Source:Sina.com, March 18


"China is fully prepared. In terms of both monetary policies and other mechanism arrangement, China will take into full account of the quantitative easing policies implemented by central banks of foreign countries."

(Yi made the comment when asked about a potential currency war should major economies pursue an easing policy to drive down their currency)

Source: Xinhua, March 2

(Reporting by China Economics Team; Editing by Michael Perry and Sanjeev Miglani)