Despite the fall, the Chinese economy posted a good result considering the state of the world economy, Chen Fengying, Director of the World Economy Institute of China's Institute of Contemporary International Relations told Sputnik.
"In the past China and many other Asian countries were above all exporters. Currently, exports have declined sharply. It must be said, that to achieve economic growth of 6.9 percent in such adverse external economic circumstances is a very good indicator for China."
Fengying said that China is nevertheless determined to achieve sustainable economic growth and development for the future even in difficult circumstances for the world economy; the slowdown in growth can be attributed in part to the period of economic transition that China is going through.
"Some of the key factors of the economic restructuring are the reduction in production capacity, reforms to the financial system and reducing debt, the elimination of surplus goods, to name a few," said Fengying.
"It has been necessary to regulate production capacity and construction of property, pay attention to environmental questions. All these factors have had an impact on China's rates of economic growth."
China's services sector made a greater contribution to growth than before, and consumer demand was stimulated by an increase in the employment rate, said Fengying.
Fengying said that over the coming year the Chinese government should aim for growth of 6.5 to 6.8 percent, and continue with economic reforms, targeted in particular at overproduction in some sectors, reducing costs and regulating the property market.
"The Chinese economy has gone through some difficulties at every stage of its development, but always overcame them and moved forward. That is happening now too. China rises like a phoenix from the ashes. All the world's countries are in a similar position: some of them are in a process of adjustment, some have already emerged from crisis."
