Growth Rates and Premier Li Keqiang

Premier Li Keqiang: "The reduced growth rates" refers to the Chinese GDP growth rate of 7.4 percent in 2014 on a yearly basis, a record low since 1990, which spurred overseas concerns about the economic development of the world second largest economy, according to Global Times China. Rudd words echoed what Chinese Premier Li Keqiang said when attending the World Economic Forum annual meeting in Davos, Switzerland in January. The Chinese economy has "entered a state of new normal," Li noted, saying that growth is shifting from a high speed to a medium-to-high speed, and development needs to move from low-to-medium level to medium-to-high level and Leaders in China chose not to artificially inflate the growth rate when the transformation resulted in reduced growth rates as predicted, Rudd told Xinhua in an event held here to mark his arrival as the president of the newly established Asia Society Policy Institute.China is going through a very deep transformation to move an economy from one that is based on labor-intensive manufacturing for export to one that is based on innovation, the services sector, urbanization and private consumption, said Rudd, who served twice as Australia prime minister and led the country through the 2008 global financial crisis. (news.financializer.com). As reported in the news.