China's sustained growth to bring more positive spillover for world economy (2)

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BRIGHT PROSPECTS FOR CHINESE ECONOMY

Marina Larionova, head of the National Research University Higher School of Economics' International Organizations Research Institute in Moscow, said President Xi's speech was in response to those contemplating calamity in the Chinese economy and would lift the world's confidence in the Chinese economy's future.

She said the Chinese economy macroscopically was going well, although it had a tendency to slow down recently. There was no reason to believe the Chinese economy would have a hard landing, Larionova said.

Macario Schetinno, a professor with the Monterrey Institute of Technology, said China's gross domestic product, according to Xi's keynote, grew 7.6 percent in the first half of this year, which showed the Chinese government was making efforts to adjust the economic structure.

Schetinno said he believed the Chinese economy's outlook in the next 10 years was positive, adding China would find new sources of economic growth in accordance with the international environment.

Yves Tiberghien, director of the University of British Columbia's Institute of Asian Research, said China's economic restructuring, which caused a painful slowdown, would benefit the country in the long haul.

"If you compare China with the United States and Europe, who are not doing great, and with other emerging countries, who are doing worse, you will realize that in fact China is still doing the best," Tiberghien said.

He said the current slump could be seen as "a controlled slowdown managed by the country, as part of the process of rebalancing."

The ongoing restructuring meant China was striving to turn away from heavy investment in the real estate and export sectors, and a reliance on energy and resources, and moving towards a consumption-driven, environmentally friendly growth path, Tiberghien said.

Nicholas Borst, a senior fellow with the Washington-based Peterson Institute for International Economics, said Xi's speech showed China was looking forward to a stable international economic environment during its economic transition.

The Chinese leader delivered the message that China was willing to accept a little less growth today for more sustainable and balanced growth in the future, he said.

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