Minister forecasts 7% growth for the next four to five years

China's transition to slower but more sustainable growth was recognized by G20 finance ministers and central bank governors over the weekend, when they pledged to take decisive action to keep economic recovery on track.

China's economic situation is still within expectations, and GDP growth is predicted to remain at about 7 percent in the next four to five years, Finance Minister Lou Jiwei said on Saturday.

Lou was speaking after the two-day G20 Finance Ministers and Central Bank Governors Meeting in Ankara, the Turkish capital.