Encouraging progress in economic rebalancing: Sinopec's ex-chairman

Fu Chengyu, former chairman of Sinopec Group and a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, at a briefing on Mar 11, 2016. [China Daily/Wang Zhuangfei]

China has shown encouraging progress in adjusting the economic structure, said Fu Chengyu, former chairman of Sinopec Group and a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, at a briefing on Friday.

The new economic engine continues to grow, as high-tech and equipment manufacturing sectors have outpaced the general industry, while residents' per capita income grew 7.4 percent, faster than last year's GDP growth, said Fu.

Despite challenges and difficulties, the economy is fundamentally strong, he said, adding that the central government is prepared for the downward pressure, as can be seen from the Work Report.

Chinese companies, having grown up since the early stage of the reform and opening-up in the late 1970s, are now facing new challenges. However, as the government and companies are stronger than they were, confidence holds high amid difficulties, said the veteran entrepreneur.