Chinese economy shifting to new pace of growth: president

PRAGUE: Chinese President Xi Jinping said on Wednesday his country's economy was at a new normal and shifting to a slower pace of growth than in the past.

"The world economy is in the current situation going through a time of deep modifications and the situation is complicated and unstable," he told a Czech-Chinese business forum in Prague in comments broadcast through a Czech interpreter.

"The Chinese economy has entered into the state of a new normal, which is marked by transition from high pace of growth to medium-fast growth. On the other hand, Chinese business stands on a firm base."