Upbeat notes for China's economy at Summer Davos

0 Comment(s)Print E-mail Xinhua, July 2, 2019
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Photo taken on June 24, 2019 shows the welcome sign outside the Dalian International Conference Center in Dalian, northeast China's Liaoning Province. [Photo/Xinhua]

Despite the headwinds blowing from trade frictions, rising protectionism, and uncertainties in the world, there are plenty of reasons to be optimistic about China's economic prospects, experts and business leaders said Monday.

At a sub-forum of the Annual Meeting of the New Champions 2019, known as Summer Davos, strong momentums are forecast for China's economy in 2019 thanks to the country's robust consumption and the salutary industrial upgrade.

Ning Gaoning, chairman of Chinese chemical firm Sinochem Group, said despite the trade friction, the coming years would be a good time for Chinese enterprises to enter a stage of rational development.

"Chinese firms will be prompted to pay more attention to long-term goals and research and development. They will highlight management and the domestic market, become more cautious about investment and adopt a more rational growth mode," Ning said.

"After this stage, China will become an R&D-driven country, and this (focus on R&D) is already happening in mass scale in Chinese enterprises," he said.

Zhu Min, chairman of the National Institute of Financial Research, said China's core competitiveness lies in its complete manufacturing industrial chain, which is now embracing artificial intelligence (AI) to boost automation and intelligence levels.

"The push toward automated and intelligent manufacturing holds immense opportunities and challenges for China," said the expert. "China's robot use and automation are still at a very low level, which leaves plenty of room to catch up."

Joachim von Amsberg, vice president of the Asian Infrastructure Investment Bank (AIIB), also saw an optimistic scenario as China moves to a more balanced growth model.

According to him, the current disruptions to the global supply chain will instead add to China's determination to develop its high-tech industry.

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