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European and Chinese Economists Confident in China's Growth
   2016-03-14 19:32:09    CRIENGLISH.com      Web Editor: Mao Yaqing

China sets this year's economic growth target at between 6.5 and 7 percent. [File Photo: Xinhua]

This year's "two sessions" have seen Chinese authorities laying out the country's development plans for the next five years. A slower but stable economic growth rate, along with supply-side reform, were among the main points.

Now a number of European and Asian economists have expressed confidence in China's long-term growth based on these ideas.

CRI's Victor Ning reports.

 

Chinese Premiere Li Keqiang delivered a government work report at the opening session of this year's National People's Congress earlier this month.

The report set China's economic growth target this year in the range of 6.5 to 7 percent, following a 6.9-percent growth in 2015.

This year's target is aligned with the country's goal of completing the building of a moderately prosperous society in all respects by 2020, which will conclude China's 13th Five Year Plan for economic and social development.

The report also re-affirmed the importance of supply-side structural reform, a popular notion proposed by Chinese policymakers last November. The idea was aimed as a remedy for economic ills caused by breakneck growth.

Mark Boleat serves as Chairman of the Policy and Resources Committee at the City of London Corporation. He says supply-side reform will be necessary for China in the long run.

"Supply-side reform is important, probably in every country in the world, but certainly in China. The Chinese economy's been very successful but on the basis of a structure that isn't going to be as effective going forward. That's well understood by the Chinese authorities. They know there is a need to reform the state-owned enterprises and a number of other features of the Chinese economy, so that it can become more competitive, which it's going to need to be in the years ahead."

Managing Director of Bloomberg China Huang Yiquan says several measures laid out in the Premier's report will contribute to healthy economic growth.

"Well for me, the three main takeaways are: No. 1, the lower growth target. No 2, the promise of expanded pro-growth measures. And No. 3, the commitment to far-reaching reforms. Now these three goals together, growth will be slower, but with the right reforms the growth will be more sustainable and healthy. And the government has policy space to provide support along the way. What's most important is that the long-term growth potential for China is clear and long-term investment opportunities are evident."

Internationally, China's ongoing Belt and Road Initiative has aimed to align China's development goals with those of other nations to stimulate regional economies.

Slawomir Majman is the president of the Polish Information and Foreign Investment Agency. He hopes Poland will take advantage of the mutually beneficial initiative.

"We are strongly supporting the whole vision of the Belt and Road, which is one of the milestones of the history of China I would say, because it's a demonstration that China is moving into a new role, a global role, on the economic and political arena. We would like to reserve for Poland and reserve for this region, a distinct place in this great vision of Chinese leadership. "

The initiative was proposed by China in 2013. It refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which covers countries in Asia, Europe and Africa.

For CRI, I'm Victor Ning.

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