BUSINESS Steady growth of Chinese economy boosts world confidence

BUSINESS

Steady growth of Chinese economy boosts world confidence

Xinhua

18:48, December 14, 2019

138631038_15763097637961n.jpg

Aerial photo taken on Oct. 15, 2019 shows a view of the Lujiazui area in Shanghai, east China. (Xinhua/Fang Zhe)

BEIJING, Dec. 14 (Xinhua) -- China's just concluded annual Central Economic Work Conference sends a positive signal and boosts the world's confidence in the prospects of both the Chinese and the global economy.

The conference, held in Beijing from Tuesday to Thursday, pointed out that the basic trend of the Chinese economy maintaining steady growth towards long-term sound development remains unchanged.

Xia Huasheng, a finance expert at Brazil's think tank Getulio Vargas Foundation, described as "a miracle" that an economy as huge as China's has been able to maintain a steady growth against the backdrop of a slowing global economy and grim global trade.

This year, the Chinese economic expansion to remain in its target range is being compared with a global rate projected to hit a decade low. Western media believe China would achieve an annual rate between 6 and 6.5 percent for the year despite a slower economy in the second half.

The Wall Street Journal commented on China's continued commitment to a proactive fiscal policy and prudent monetary policy, saying it has "the aim of supporting everything from consumption to infrastructure investment and employment in the coming year -- all to ensure that the growth rate will be kept stable."

A child looks at a mechanical arm during the 2019 World Manufacturing Convention in Hefei, east China's Anhui Province, Sept. 20, 2019. (Xinhua/Zhang Duan)

Kiyoyuki Seguchi, research director at the Canon Institute for Global Studies (CIGS), noticed the Chinese economic blueprint newly laid out differs from the past stimulus measures, marked by a devotion to high-quality development rather than quantitative expansion.

Also in his opinion, China stepping up the "three tough battles" against major risks, poverty and pollution is a help in achieving a high-quality development.

Commenting on the Chinese economic measures featuring innovative drivers and deepened reform and opening-up, Xiaolan Fu, the founding director of Technology and Management Center for Development (TMCD) at Oxford University, said, "Reform and opening-up are a gold key" to a high-quality development, adding he agrees with the pledges to further reduce tax, stimulate domestic demand and boost consumption.

Aerial photo taken on Aug. 27, 2019 shows cargo ships at a wharf of Wenfeng port in the China (Hebei) Pilot Free Trade Zone Caofeidian area in north China's Hebei Province. (Xinhua/Yang Shiyao)

Regarding a global impact by the Chinese economy, the independent think tank Japan Research Institute said it believes that the global economic slowdown is hitting its bottom thanks to China's various measures to overcome challenges.

Xia said that as the world's second largest economy, China's support for more open trade is a great boost to global growth, adding its efforts to deepen reform and opening-up as well as optimize business environment would generate stronger global economic drivers.

China has become a key factor to affect the global economy, said Gerishon Ikiara, an economics lecturer at University of Nairobi and former Kenyan government official, adding its economic outlook matters much for global growth projections.

Ikiara added he believes that the door of China, which is a major advocate for multilateralism, globalization, removal of tariff barriers, and global free trade system, will open further.


Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue