MOSCOW (Sputnik) — The Chinese stock market was rocked by a sharp value drop alongside a government-mandated currency devaluation, in what international investors claimed was a sign of economic weakness. Speaking in an interview with The Wall Street Journal, published Tuesday, the president denied that the world's second-biggest economy had been thrown off track.
"The Chinese economy is still operating within the proper range. What China needs is a higher quality and efficiency of economic development by successfully addressing the problem of unbalanced, uncoordinated and unsustainable development," Xi said.
Xi also vowed to continue his anti-corruption crackdown, one of his most popular initiatives at home. He refuted claims that the campaign, which has reportedly cost the government billions of dollars, was hurting the national economy.
"Anticorruption efforts will not hurt the economy. On the contrary, fighting corruption, including such malpractices as rent-seeking, will help build a clean government, remove hurdles that impede market operations, promote fair rules and bring about a better investment and business environment," he said.
Despite the recent dip in the country's economic growth rate, Xi stated that China remains one of the world's fastest growing economies, growing by 7 percent in the first half of 2015. According to the president, China will see its 2020 gross domestic product double compared to 2010.
