China averse to super-high economic growth: Xi

China's new President says development is generally in good shape and the country will move upward for a long time

China's new President Xi Jinping today said the country will sustain "relatively high" economic growth but his government was averse to "super-high growth" as it is "unnecessary".

China's development is generally in good shape and the country will move upward for a long time, Xi said while meeting with representatives of about 30 well-known enterprises from China and abroad at the ongoing Boao Forum for Asia (BFA) Annual Conference 2013.

"With our efforts, China will sustain relatively high economic growth, but not super-high economic growth. It is not necessary," he said.

China's GDP grew by 7.8% in 2012, the slowest pace in 13 years.

Xi said the figure was lower than in previous years partly due to efforts to control the speed of economic growth and accelerate the transformation of China's growth model.

"It does not mean we cannot maintain economic growth at a very fast pace," he said, adding, "We just don't want to anymore".

At the government's annual legislative session held in March, the government set this year's GDP growth target at 7.5% to leave room for economic restructuring.

This marks the second consecutive year for the world's second-largest economy to target 7.5% growth.

The country will not solely pursue high-speed economic growth focusing more on the quality and efficiency of economic development, Xi said.

China will put more efforts toward green development, recycled development and low-carbon development, he said.

It needs to balance industrial development and green, sustainable development, he said.

Fan Gang, an economist and former advisor to China's central bank, said in an interview that China is far from saying goodbye to rapid growth, but rapid growth is not necessarily equivalent to overheated growth or double-digit growth highlighted by soaring inflation and asset bubbles.

"From this perspective, I see no problem for China to maintain rapid growth for another 20 or 30 years," Fan told state-run Xinhua news agency.

Xi reiterated that China's development is a win-win process that can benefit the rest of the world, including its neighbours.

Last year, about 15.76 million Chinese people travelled to neighbouring countries in east and southeast Asia.

Over the next five years, China's imports will reach USD 10 trillion and its outbound investment is expected to grow rapidly.

According to Xi, the country has set two goals of building a moderately prosperous society in all respects by the time the ruling Communist Party of China (CPC) celebrates its centenary in 2021 and turning the nation into a modern socialist country that is prosperous, strong, democratic, culturally advanced and harmonious in time for the People's Republic of China to mark its centennial in 2049.

"Realising those goals will bring vitality and strength to China's economy," he said.

China is going through a period of heavy industrialisation and urbanisation, while the country's information industry is developing rapidly and agriculture is being modernised, creating great potential in the domestic market, he said.