How the International Community Sees China’s Focus on High-Quality Economic Growth

Economists and academics have reacted favorably to China’s economic plans for 2018 and the country’s commitment to encourage high-quality development, following the Central Economic Work Conference that concluded on Wednesday.

The three-day meeting focused on Xi Jinping Thought on Socialist Economy with Chinese Characteristics for a New Era and emphasized the importance of high-quality economic growth. As China’s contribution is indispensable to the world economic growth, the conference attracted immediate attention from both home and abroad.

Many economists and academics have praised China’s economic growth in 2017, and spoken highly of China’s performance in finance, technology, manufacturing and environmental protection.

World Bank Report on China Economic Update

Economic growth in China has remained strong in 2017, supported by rising household incomes and improving external demand.

Growth is projected at 6.8 percent in 2017, exceeding initial expectations.

John Litwack, World Bank Lead Economist for China

Growth in China has remained resilient and reform has gained momentum. The authorities have undertaken a host of policy and regulatory measures aimed at reducing macroeconomic imbalances and limiting financial risks without any notable negative impact on growth.

2017 has been a successful year for China.

Niklas Swanstrom, Director of the Institute for Security and Development Policy

China is no longer a developing economy that relies on low costs; today it competes in the mid- to high-end markets and if it is to be successful it has to step up the reliability and quality of its products and manufacturing processes.

It is beyond question that China has invested more than any other country in green technology, and the impact is very impressive.

Hans Hendrischke, Chair of the Business and Economics Cluster of the China Studies Center based in the University of Sydney

China’s adoption of high-end development has a global dimension as China is pushing manufacturing and finance towards digitization.

It is important to maintain the priority of stable and socially and environmentally sustainable economic growth. For outside observers it is difficult to believe how fast progress has been in these areas.

Following the 19^th CPC National Congress, other economists and academics have great expectations for the moves China will make to promote the economy in 2018, and longer term economic development.

Joe Kaeser, President and CEO of Siemens AG

The 13th Five-Year Plan is the single most dramatic five-year plan that China has yet produced.

The year 2018 will be the first year in implementing the development blueprint outlined at the 19th National Congress of the Communist Party of China in October. According to Xi, it will also be a crucial year in carrying out the 13th Five-Year Plan (2016-2020).

The Belt and Road Initiative is a huge opportunity for China and the world and much has already been accomplished.

Proposed by China in 2013, the Belt and Road Initiative is aimed at building trade and infrastructure networks connecting Asia with Europe and Africa based on ancient land and maritime trade routes. It comprises the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

The structural reforms that are taking place in China are relevant to Siemens’ supply chain. They will generate new opportunities in high-end manufacturing such as automotive, aerospace and artificial intelligence.

Stefan Kooths, Director of Kiel Institute for the World Economy Forecasting Center

We predict that China’s economy will grow by more than 6 percent in 2018 and 2019. For an economy that is as large as China’s, a 6-percent growth rate is still a very strong contribution to the world economy.

Regarding government intervention, the Chinese government has many more instruments to steer the economy.

As long as there is no risk of financial crisis, China still has a lot of space for growth.

Source: Xinhua