BUSINESS China should focus on economic strategies amid global risks: expert

BUSINESS

China should focus on economic strategies amid global risks: expert

Global Times

02:51, December 22, 2019

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(Photo: Xinhua)

Against the backdrop of mounting downward pressure on the global economy that may encounter even higher systematic risks next year, China needs to focus on efficiency-oriented economic development with a goal of 6-percent GDP growth, a Chinese expert suggested at the Global Times annual forum in Beijing on Saturday.

Though the world economy may grow upward experiencing fluctuations next year, it is highly likely to grow at an extremely low rate, said Mei Xinyu, an expert close to the Ministry of Commerce.

The global economy may be even at greater systemic risks, including possible real economic meltdown and large-scale financial crisis in the US, Mei said.

As China quests for building a moderately prosperous society in all respects next year, it is necessary to reaffirm the country's existing strategy of taking economic development as the central task amid the accelerating global risks, Mei noted.

During the course of the year to realize a moderately prosperous society in all respects, it is also a great opportunity for China's economic development to return to the "efficiency-oriented" framework, Mei noted.

He also mentioned Chinese economy must aim for at least 6-percent growth rate next year, as it could guide both Chinese and global market expectations in positive directions, in case of any self-fulfillment of negative expectations.

Besides, continuing export expansion is critical for maintaining the sustainable development of China's economy and tacking any form of "decoupling" in the international market, Mei said.

Mei predicted China's national security situation will remain highly complex next year, and should be combined with the adjustment of its economic strategies as well.


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