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China can grow 6.5-percent GDP growth

The Economic Summit of China Development Forum 2016 in Beijing, capital of China, March 19, 2016. The three-day China Development Forum 2016
China can achieve at least 6.5-percent growth in the next five years if everything goes as planned, said Sri Mulyani Indrawati, Managing Director of the World Bank on Sunday.
There will not be a sudden loss in the growth speed for the world’s second largest economy, said Indrawati at the two-day China Development Forum 2016 that opened in Beijing.
In the 13th Five-year Plan released this week, the Chinese government has recognized what need to be done, according to the managing director.
It’s important for China to change its growth model: relying more on domestic sources of growth, said Indrawati, adding that the process, however, will not be immediate.
The most important thing is where the growth comes from, rather than the speed, according to her.
She said the Chinese economy is increasingly powered by consumption and the service sector, an indication that the adjustment of growth model is happening.
“The government knows the new direction as was announced in the five-year plan,” said Indrawati, adding that policymakers should forget “the muscle memory” — the government’s old way of managing the economy.

World media leaders gather in Doha

(Xinhua) — World media organizations have pledged to enhance cooperation in an era when traditional media is facing great challenges.
At the World Media Summit (WMS) that opened Sunday, more than 350 delegates of media outlets from 100 countries gathered here to exchange their views on the theme of “The Future of News and News Organizations.”
The two-day meeting, hosted by Qatar-based Al Jazeera, comes at a time when media is undergoing profound changes and audience demands are increasingly diversified. Traditional media is facing both major challenges and unprecedented opportunities.
“As executives of media organizations, we all feel the profound changes in the media ecosystem,” WMS Executive President Cai Mingzhao said in his speech titled “Deepening Cooperation and Exchanges, Facing Our Future” at the opening ceremony.
Cai, who is also president of Xinhua News Agency, said the rapid development of information networks and digital technology is catalyzing a revolution in mass communication and has brought about unprecedented challenges for traditional news organizations around the world.
“The Internet, while bringing challenges, has opened a new door,” he said, adding that the advantages of professional news organizations are “prominent” and “irreplaceable.”
“The situation of the media environment is becoming severe,” Masaki Fukuyama, president and editor-in-chief of Kyodo News told Xinhua, echoing Cai. “It is a very meaningful opportunity for each media organization to exchange opinions about this situation.”
Gary Pruitt, president and CEO of the Associated Press, also highlighted the importance of such a gathering of the world media in current circumstances.
“It’s an important gathering of the world media with the focus on the future of the news, and how we can meet the challenges of the market,” he said.
“The way of news distribution and the audience have changed today, which is the reality we have to deal with,” Pruitt told Xinhua, adding that he will also focus on the common challenges encountered by the world media in his speech.


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