Confidence in Chinese economy not to be shattered by bearish voices
- By Ji Peijuan
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E-mail People's Daily, March 1, 2016
China’s remarkable achievements also consolidated such confidence. It not only maintained a moderate but stable and sound growth while comprehensively deepening reform, but also optimized its economic structure.
Moreover, people’s living standard is improving and society is generally stable. What’s more impressive is that in 2015, the Chinese economy contributed over 25 percent to the growth of the world economy.
In addition, the economic structure adjustment in China has already paid off. In 2015, the added-value of the tertiary industry accounted for over 50 percent of the country's GDP.
Environmental pollution is under effective regulation as well.
Consumption is contributing more to economic growth. Last year the figure stood at 66 percent of growth.
Moreover, bullish views on the Chinese economy still dominate the global market.
Liu Ligang, chief economist for Greater China at Australia & New Zealand (ANZ) Banking Group, said that trade data indicates that China’s economy is transforming into a consumption-driven mode.
He explained that its net exports have significantly dropped in GDP growth stimulation while in import structure, the total amount of general trade is about twice as much as that of processing trade.
China’s economy is transforming from being investment- and manufacturing-driven to a domestic demand- and service-led mode. Such transformation will make China a more sustainable growth engine for demands, which is conducive to world economy, Stephen S. Roach, a faculty member at Yale University and former Chairman of Morgan Stanley Asia told the People’s Daily.
“China will eventually realize its reform goal of the ‘new normal’ and Chinese consumers will become a driving force for it. They will also further expand global demand,” Roach added.
