Chinese economy: economists optimistic about China’s future growth
Top economists express optimism about China’s future growth citing domestic circulation and consumption as key drivers. This comes after key economic targets were unveiled in both sessions. Gao Ang has more.
Rising global tensions and soaring commodity prices.
While the global economy has seen volatility, economists remain hopeful about China’s future growth.
JUSTIN YIFU LIN Member, Standing Committee of the Chinese People’s Political Consultative Conference “I think this year and in the years to come, I think China will maintain reasonably high growth. The actual growth rate depends, to some extent, on the global economic situation. And we must also ensure that the growth is of high quality. But overall, I think this year in the coming years, I think the growth performance will be good in China.
But what is behind the hope?
The government has set China’s GDP growth target at 5.5% for this year, beating the IMF forecast of 4.8%.
Professor Bai Chong-En of Tsinghua University emphasizes the role of consumption.
TEACHER. BAI CHONG-EN Dean, School of Economics and Management, Tsinghua University “The main driver will be consumption. If you think the purpose of economic development is to enable people to live better, then you want to increase consumption.
And to stimulate consumption, it is important to create more jobs and increase incomes. The government work report says China aims to create more than 11 million new jobs this year.
And there is the cultural aspect of economic growth.
According to Professor Bai, China’s adventurous and educated young consumers are also fueling economic development.
TEACHER. BAI CHONG-EN Dean, School of Economics and Management, Tsinghua University “Our young people are good consumers. They are also good innovators. They know what they want. So they innovate to create products that their peers want. So I think that’s also an important driver of China’s growth.