Chinese economy remains within 'reasonable range': Premier Li

Chinese Premier Li Keqiang (R front) meets with heads of delegations who are here to attend the APEC Finance Ministers Meeting at the Great Hall of the People in Beijing, capital of China, Oct. 21, 2014. (Xinhua/Huang Jingwen)

China's economy for the first three quarters of this year has remained within a "reasonable range", Chinese Premier Li Keqiang said on Tuesday.

Li made the comment when meeting with delegations from the Asia-Pacific Economic Cooperation (APEC) members for the finance ministers' meetings due on Wednesday.

"Generally speaking, China's economy for the first three quarters of this year has remained within a reasonable range, accompanied by some positive and profound changes," Li said.

National Bureau of Statistics said Tuesday the country's economy expanded at a slower pace in the third quarter of this year, with GDP expanding 7.3 percent year on year. It's growth rate in the first and second quarter are respectively 7.4 percent and 7.5 percent.

Acknowledging improvement in structural optimization and employment and energy conservation, Li said new impetus for the economy have gathered speed, resulting from streamlining administration, delegating powers and other reformative measures.

"Meanwhile, we are faced with a complex and changing external environment, large downward pressure and difficulties for China's economy. It takes time for China's reformative measures to be fully effective," the premier said.

He said China is committed to promoting the economic development and cooperation in the Asia-Pacific region and is willing to work with other APEC members for the robust, sustainable and balanced growth of regional and world economy.

The premier hoped APEC finance ministers' meeting will explore the path for the economic transition in the region and advance practical cooperation, injecting new dynamism for the APEC cooperation.

Australian Minister of the Treasury Joe Hockey, representing the 25 economies and international organizations, hailed China's outstanding economic and social achievement.

Hockey said China's economic success is not only a blessing for the Asia-Pacific, but also significant for the world. APEC economies are ready to work with China to make APEC meetings a success, he said.

China will host a series of APEC meetings this year. Chinese President Xi Jinping will attend and chair the APEC Economic Leaders' Meeting to be held in Beijing on Nov. 10 and 11.

The 21 APEC members, including the United States, China, Japan and Russia, account for over half of the world's economic output, 40 percent of the world's population, and 46 percent of total global trade.