China defends its economic growth model

Its stability is a great help to world: official

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China's trade with the world is within reasonable bounds and the nation isn't out to dominate global markets, a senior official said, pointing to figures showing domestic consumption is driving economic growth.

"Most of China's production is intended to meet domestic demand," Vice Finance Minister Liao Min said in an interview Friday near Durban, South Africa, where he was attending a gathering of Group of 20 policymakers. "When there's demand from abroad, China exports accordingly. This does not mean, however, that China is trying to dominate every market."

Mr Liao also hailed the latest Chinese GDP growth figures as helping to contribute to the world economy at a decisive moment. Economists have marked down their projections for global growth this year due to the onslaught of tariff increases by President Donald Trump. Figures last week showed China's expansion at 5.3% for the first half of the year "in line with expectations," Mr Liao said.

"China's certainty and stability are the greatest contributions it makes to the world today, because what the global economy needs most right now is stability and certainty," Mr Liao said.

"We are steadily advancing towards an economic model driven by consumption, while at the same time maintaining a relatively balanced foreign trade."