FXStreet (Mumbai) - At a meeting with local government leaders and ministers, Chinese President Xi Jinping said the country's economic development is facing new condition and new development as the size of the economy gets bigger, as reported by Xinhua News Agency. Key Quotes: The Chinese economic growth rate is changing gear and at a point of making structural adjustment and changing growth engines. China's economic fundamentals remain sound while the government will step up reform at the supply side, close excessive production capacity and lower companies cost. Speaking at the same meeting, Chinese Premier Li Keqiang noted the following, Current international condition is complicated and domestic economy is facing bigger downside pressure. The government will keep economic growth at medium and high level. For more information, read our latest forex news.