Moderate growth rate not cause for concern

China's goal of 7.5 percent GDP growth this year, though moderate in comparison with previous rates, is not cause for concern since it could still generate considerable volume wealth, said a senior researcher with a top government think tank on Wednesday.

"China is at a turning point from high speed to moderate development," said Liu Shijin, chief of the Research Center of the State Council, at the economic forum hosted by the Ministry of Finance and Asian Development Bank. "The total volume of GDP is very large even at a lowered growth rate."

More than 100 experts from more than 30 Asian countries attended the forum to discuss the slowed down growth rates, innovation and an inclusive development model to bring benefits to all the people in the region.

Zhu Guangyao, vice-minister of finance, said that the world economy is still affected by a lot of uncertainties. He cited three factors contributing to the slow recovery in 2013: the United States' unclear fiscal and currency policies, the sovereign debt crisis in Europe, and capital outflow in some emerging countries triggered by the US' decision to taper off quantitative easing.

"Emerging markets need a more stable external economic environment, particularly consistent policies of the United States as the major issuing country of the reserve currency," said Zhu, "In face of these uncertainties, the Chinese government has not made many moves but adjusted the existing policies to deepen its reform and maintain a moderate growth of its economy."

The forum aims to promote knowledge and information sharing among different Asian think tanks to strengthen the cooperation among developing nations. The second session will be held in South Korea next year.