Upbeat notes for China's economy at Summer Davos

0 Comment(s)Print E-mail Xinhua, July 2, 2019
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A delegate experiences a robot surgeon at an exhibition space of the 2019 Summer Davos in Dalian, northeast China's Liaoning Province, July 1, 2019. [Photo/Xinhua]

'Huge market'

While the country came down from double-digit growth to 6.6 percent in 2018, Von Amsberg said the slower GDP tempo still "adds more to global output every year than the 10 percent 10 years ago," as the economy in the past was much smaller in size.

Jing Ulrich, Vice Chairman of Asia-Pacific of JPMorgan Chase, a U.S. investment banking company, agreed, saying China is now a leading contributor to global growth.

Amid all the hype about the flight of manufacturers and dwindled investment confidence in the country, Ulrich observed a different trend.

"As we advise many top global investors, multinational companies and Chinese companies these days, everyone is looking to invest more in China," she said, noting investors' latest focus on the technology sector as the country goes through an industrial upgrade.

One of the lures is the huge market in a country of nearly 1.4 billion increasingly prosperous population. Experts have highlighted the enormous potentials in the consumer market amid the country's rapid urbanization and rural revitalization.

"I see consumption powering ahead despite the economic uncertainties. Chinese people are really trying to open up their purse strings, they're spending more and saving less," Ulrich said. "People are not just buying goods, they are actually enjoying services. So travel, entertainment, healthcare and education are all fast-growing in China."

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