Economy still in upward phase despite weak figures

Despite recent softening economic figures, China's economy remains resilient and could maintain a growth rate of 7 to 8 percent in the next five years, Zeng Peiyan, vice-chairman of the Boao Forum for Asia, said on Wednesday.

Speaking at a panel discussion attended by foreign political and business leaders, Zeng, also former vice-premier, attributed the weakening investment growth in the first two months to the central government's control on local government debt, a curb on investment in a number of industries experiencing overcapacity, lower inventories and volatility in the real estate market.

Fixed-asset investment growth in the first two months dropped to a record low of 17.9 percent, down from 19.3 percent for the whole of 2013. Industrial output in the January-February period also dropped to the lowest reading since April 2009.