外文标题：China's economy experiencing period of pain: Vice-finance minister Zhu Guangyao
BRISBANE, Australia: China's economy is going through a "period of pain" as authorities try to shift it towards slower, more sustainable growth, with the rapid expansion of its shadow banking sector a major problem, the vice-finance minister said on Saturday.
"We do have problems that have been accumulating over time," vice-finance minister Zhu Guangyao told reporters at the G20 Leaders Summit in Australia.
Zhu reiterated President Xi Jinping's catchphrase of a "new normal" for the Chinese economy, saying it would be "running at relatively high speed instead of super high speed."
"We are changing gear and our economic structure is undergoing a period of pain and a period where we are absorbing the large-scale stimulus packages we rolled out earlier," he said.
The IMF expects global growth of 3.3 per cent this year, with China growing 7.4 per cent and the United States 2.2 per cent. That would still be China's slowest growth in 24 years.
Godfather Senior (Mumbai)
And if India takes note and put more efforts, sure we can just push ahead of our reforms to beat them to get the investments in India. But the RBI is still not In full form to take these needed measures as they are posting and posing as more conservative.
samir kumar ()
ohh that the reason they are training Pakistani troops to get revenue????? hahaha LOL......
Mahendra Kumar Nayak (Bhubaneswar)
7.4% growth is still high for a large country like China. Why worry?