Xinhua, Beijing :
China will still be a growth engine of a global economy beset by instability, thanks to efforts to shift its growth model among other stimulus endeavors, scholars and business leaders from around the world have said.
This kind of optimism is running high prior to China’s annual Central Economic Work Conference, an important event scheduled at the end of the year to map out economic priorities and reform plans for the upcoming year.
REFORMS ON GROWTH MODEL
As China’s economy slows on sluggish exports, tepid investment and an industrial glut, Beijing has been trying to foster new growth drivers by encouraging innovation and structural upgrading.
“It is no wonder an exciting story,” sa Paul Sheard, Executive Vice President and Chief Economist of S&P Global.
Being one of the largest economies in the world undergoing great economic change, China is unique because of its efforts to alter its political, economic and social system, he said.
The fact that China has 35-year track record of near double-digit growth demonstrates the country’s potential, Sheard said.
Innovation has been the backbone of China’s reform endeavors, scholars observed, which features high-tech industries, Internet-based businesses, online retail, as well as new products and services.
Matthew Nimitz, advisory director with General Atlantic LLC, said Chinese companies are becoming more competitive over time.
“That phenomenon demonstrates their creativity,” said Matthew.
” I … pay a lot of attention to Chinese Internet and technology companies,” said Dan Stein, Senior Vice President of CBI Bank & Trust. “I pay a lot attention to Alibaba, Baidu, Wechat, because these companies are at the forefront.”
E-commerce is no doubt at the forefront of change in China, observers said, noting that the growth of e-commerce has been astronomical in terms of speed, velocity and scale.
Paul Greenberg, executive chairman of Australia’s National Online Retailers Association, said with China’s population of more than one billion, “there really is the opportunity to nail it” for companies.
China will still be a growth engine of a global economy beset by instability, thanks to efforts to shift its growth model among other stimulus endeavors, scholars and business leaders from around the world have said.
This kind of optimism is running high prior to China’s annual Central Economic Work Conference, an important event scheduled at the end of the year to map out economic priorities and reform plans for the upcoming year.
REFORMS ON GROWTH MODEL
As China’s economy slows on sluggish exports, tepid investment and an industrial glut, Beijing has been trying to foster new growth drivers by encouraging innovation and structural upgrading.
“It is no wonder an exciting story,” sa Paul Sheard, Executive Vice President and Chief Economist of S&P Global.
Being one of the largest economies in the world undergoing great economic change, China is unique because of its efforts to alter its political, economic and social system, he said.
The fact that China has 35-year track record of near double-digit growth demonstrates the country’s potential, Sheard said.
Innovation has been the backbone of China’s reform endeavors, scholars observed, which features high-tech industries, Internet-based businesses, online retail, as well as new products and services.
Matthew Nimitz, advisory director with General Atlantic LLC, said Chinese companies are becoming more competitive over time.
“That phenomenon demonstrates their creativity,” said Matthew.
” I … pay a lot of attention to Chinese Internet and technology companies,” said Dan Stein, Senior Vice President of CBI Bank & Trust. “I pay a lot attention to Alibaba, Baidu, Wechat, because these companies are at the forefront.”
E-commerce is no doubt at the forefront of change in China, observers said, noting that the growth of e-commerce has been astronomical in terms of speed, velocity and scale.
Paul Greenberg, executive chairman of Australia’s National Online Retailers Association, said with China’s population of more than one billion, “there really is the opportunity to nail it” for companies.
