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China plays an indispensable part in global development

(People's Daily)    09:09, October 31, 2019

China’s economy enjoys a bright prospect, as the operation is stable, the market is full of vigor, the government policies are pragmatic and effective, the industrial chain is being upgraded and the capability of technological innovation is rising, CEOs and economists expressed their confidence in the Chinese economy in interviews with People’s Daily.

While the global development is fraught with uncertainties, the Chinese economy has on the whole maintained stability while making steady progress despite downward pressure, able to remain medium-to-high speed of growth.

According to the 2019 Global Competitiveness Report by the World Economic Forum (WEF), China's position in the ranking was unchanged from last year, but its overall score increased by 1.3 points.

The Chinese economy has progressed by leaps and bounds in the past 70 years. There is no other country that could have made such great achievements within 70 years, said Boris Titov, Presidential Commissioner for Entrepreneurs' Rights of Russia, adding that China has maintained medium-to-high economic growth in the long run and the Chinese people have gained a stronger sense of happiness.

As China's digital economy is developing rapidly and mobile payment and e-commerce become increasingly popular, Russia is more than willing to cooperate with China and learn from its experience in such fields, Titov pointed out.

Andrija Karafilipović, Secretary General of the Union of Friendship Societies of Croatia and President of Croatia-China Friendship Association, first visited China in the 1970s. For over 40 years, he has frequently traveled between the two countries and witnessed China's development step by step.

It is obvious that the Republic of China has made remarkable achievements since it was founded in 1949, especially in the past 10 years, said Karafilipović.

He stated that China has reached the worlds' top level in terms of its economic scale and infrastructure construction with a historical transition from quantity-oriented to quality-oriented development, gradually satisfying the material, spiritual and cultural needs of the Chinese people.

China has made remarkable achievements in infrastructure construction, transport infrastructure in particular, said Sharipov, head of the Department of International Manufacturing Business at the State University of Management, Moscow.

Sharipov pointed out that both China's high-speed railway length and expressway length rank first in the world and seven out of the world's ten ports with top cargo throughput and container throughput, respectively, are located in China.

Sharipov often cites such examples about China in his classes and believes that China's achievements are really admirable.

China has shifted its focus to improving the quality of economic growth, according to a report released by global credit rating appraiser Moody's in July.

With a large and dynamic market, strong leadership of the Chinese government, growing import demands, a complete industrial system, mounting technological innovation, rapidly extending infrastructure and transportation networks, and the supply-side structural reform boosted by new development concepts, China possesses strong ability to resist economic headwinds, infusing confidence into foreign companies and investors.

Jeremy Stevens, a South African economist, believes that China's economic growth and import demands have stimulated the weakening global economic activities.

It is necessary to view China's economic prospects from a long-term perspective, said Felix Valdivieso, chair of the China research center, IE university of Spain.

He stressed that against the backdrop of the increasing overall uncertainties of the world economy, China's economic data prominently stand out, showing strong resilience.

Audi would never continue with its success if it couldn't expend its business in China, said Alexander Seitz, board member of automobile manufacturer Audi AG, who had once worked for a long time in China.

Seitz expressed his gratitude to China's opening up. Without the Chinese market, it is hard to imagine what Audi would have ended up like under the pressure of the international financial crisis back then, he said, adding that China is still the largest contributor to Audi's global market growth.

According to a report released by the US-China Business Council in August, 97 percent of the American companies surveyed are actually making profits in China and the Chinese market remains high on the list of priorities for most of the companies.

As one of the most important engines of world economic growth, China is full of opportunities, said Craig Allen, president of the council, who also pointed out that more American companies would like to invest in China and those that have already come to China hope to expand their businesses there.

While pursuing its own development, China also shares the opportunities with the world. In addition to investment, China has also brought management experience and innovation to Africa, said Stevens, adding that China is generating more and more opportunities for other countries with its open market and plays an indispensable part in world development.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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