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7 percent a healthier growth

Updated: Mar 23,2015 3:06 PM     english.gov.cn

Jacob A. Frenkel, chairman of JP Morgan Chase International, chairman of the Group of Thirty.[Photo/Provided to english.gov.cn]

I think 7 percent is healthier growth. Growth needs not to be assessed only by how rapidly you grow, but also what is the quality of growth. And the new normal, which is a lower growth rate, is intended to be a more inclusive growth. Growth that is more sustainable and less based on investment, and more on consumption. So I think it is a positive development.

China’s performance in the past few years has been a very important factor especially as the world economy was in a deep recession. China has become a very, very good example, a shining example of how you can grow. So everyone is now studying China with great interest. I very much hope that China will also get its appropriate place in the leadership of the world economy by having more IMF quotas and alike.

-- Jacob A. Frenkel,

chairman of JP Morgan Chase International, chairman of the Group of Thirty