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

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

(Xinhua) 19:49, September 06, 2013

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China can maintain sustained, healthy development of its economy, which will bring more positive spillover for the world, overseas experts and scholars say.

President Xi Jinping's speech at the eighth Group of 20 (G20) summit in St. Petersburg this week showed a determination that China would unswervingly push forward reforms and safeguard and develop an open world economy, they said.

FIRM DETERMINATION IN REFORM

Alan S. Alexandroff, director of the Global Summitry Project at the University of Toronto's Munk School of Global Affairs, said the Chinese economy had developed rapidly and scored remarkable achievements since the country's reform and opening up.

The new generation of Chinese leaders clearly realized the original development model could not satisfy the Chinese economy's further development and a restructuring was needed, he said.

Promoting reform was a long-term strategy, Alexandroff said, adding Chinese leaders' determination embodied their wisdom and self-confidence.

Gu Xuewu, a tenured professor of political science and international relations at University of Bonn, said Xi's speech indicated that, for long-term and sustained development, China would seek to completely transform its development model, even at the expense of a slowdown in growth.

A series of measures in restructuring reform listed by Xi would help the world understand the Chinese government's foresight and build confidence in China's sustained development, he said.

Pierre Picquart, a China expert in France, said Xi's speech came at a time when the world was still affected by the economic and financial crisis.

All countries should coordinate together to create a healthy economic environment, said Picquart, who has a doctorate in geopolitics at University of Paris-VIII.

Hung Tran, executive managing director of the Institute of International Finance, said the international community welcomed China's efforts in building up its market system and boosting the flexibility of the Chinese currency's exchange rate.

China would make greater contributions to the world economy by transforming its economic development model and realizing more sustainable growth, he said.