China needs to focus on job creation

As the country gets stronger domestically and internationally, China's economy "will sustain a high growth level. But it has to focus on job creation," Harold McGraw III, chairman of the International Chamber of Commerce and chairman of the board of McGraw Hill Financial, told reporters on Tuesday in Beijing.

"China's economy is slowing down a little bit, but it's still a pretty good rate. You just want to make sure that you are maintaining a balance."

He added that foreign direct investment coming into China and Chinese exports of manufactured products to other parts of the world will keep the growth rate up.

"But you also have to create the internal environment that will allow you to create jobs," said the chairman.

"With strong foreign exchange reserves, about one third of the world's total, China is in a very advantageous position, which creates enormous opportunities outside China," he said.

As middle class spending rises and small- and medium-scale businesses increase, China will witness a rise in consumption, said the chairman.