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The West is biased toward Chinese economy

(People's Daily Online)    08:53, October 29, 2015
The West is biased toward Chinese economy
Benjamin Hun, Standard Chartered regional chief executive officer for Greater China (File Photo)

Recently, during my travel in Western countries, I found that the further a country is away from China, the more pessimistic it feels about Chinese economy. In my opinion, they have a biased view toward Chinese economy.

China is advancing its opening-up and the Chinese government is determined to adjust its economic structure. As a large economy, it’s not easy for it to promote its reform and at the same time opening up to the world.

The slow-down of economic activities doesn’t mean the fundamentals of the economy worsen significantly. This would only make decision makers pay more attention to reform and adopt more active policies.

Though China faces difficulties in its reform, it recently promoted the internationalization of the yuan through a series of reforms. The world will change its view about China as the country implements more reforms. China will gradually grow to a mature economy.

There is no denying its manufacturing sector is facing difficulties such as excess capacity, sluggish demand, higher labor cost, but the Chinese government is encouraging enterprises to climb up the value chains, to improve production efficiency and lower management cost. China’s economy is transforming into a service-dominated and innovation-driven economy. The service sector accounts for over 50% of the GDP. 

China’s enormous market has attracted huge foreign investment. The consumption potential is still attractive to investors from Western countries. The “One Belt One Road” initiative will further promote trade and investment.

I think the pessimisstic views on China's economy are based on misperception and bias. What I see in China is an open country, the government is determined to adjustment of economic structure and broad reforms.  

Reform can’t be plain sailing. Western countries should be constructive participants in the process. A sustainable, predictable, market-oriented Chinese economy is good to the world.

The article is edited and translated from《西方对中国经济看法有失偏颇》, source: People's Daily Overseas Edition, author: Benjamin Hun, Standard Chartered regional chief executive officer for Greater China.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Zhang Yuan,Bianji)

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