Fast growth to continue, Xi says

President reassures global investors of a level playing field in China

China will grow relatively quickly for a long time, and its market will be open and fair, President Xi Jinping said on Monday, soothing fears over the Chinese economy.

Meeting more than 30 foreign and domestic business leaders at the Boao Forum for Asia Annual Conference 2013, Xi said China's market potential is huge thanks to the country's rapid agricultural modernization, industrialization and urbanization.

"China's economy will go upwards instead of downwards for a long time," Xi said.

His remark addresses speculation that China's quick economic growth will be hard to sustain.

"China has a bright economic future, and through its efforts China will maintain a relatively high speed of growth," Xi said.

China's economy has witnessed nearly three decades of double-digit expansion, but GDP growth has been cooling and hit a 13-year low of 7.8 percent in 2012.

Xi said the country needs to focus on improving the quality and efficiency of its economy, featuring green and low-carbon development to achieve economic sustainability.

PepsiCo President Zein Abdalla said he hoped China will continue to open up, encourage foreign companies to invest in areas such as agriculture and green economy, and create a fair environment for competition.

"We fully support and share the Chinese dream and hope to be part of its realization," he said.

Olof Persson, president of AB Volvo and CEO of Volvo Group, said his company is supportive of China's commitment to sustainable development, and hopes to contribute to China's endeavors to protect the environment while pushing forward development in areas such as infrastructure construction.

According to the State Administration for Industry and Commerce, 436,800 foreign-funded enterprises were operating in China as of the end of June. Their registered capital has more than doubled over the past decade to hit $1.79 trillion.

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