Recent statistics from the National Bureau of Statistics show the year-on-year growth of China’s economy stood at 7.5 percent in the second quarter of this year and 7.6 percent in the first half. After the figures were released, international analysts and media outlets commented that the slowdown in the growth of the Chinese economy is conducive to the country’s economic restructuring, which will eventually give rise to a new consumer-driven economy and exert a significant influence on the world.

Right time for investors

Reuters reported that since China’s latest economic data are in line with market expectations, concerns about a drastic decline in the country’s economic growth have been alleviated. Driven by financial and insurance sectors, both Shanghai and Hong Kong stock markets went up following the release of the data.

The Wall Street Journal website pointed out the contribution of the Chinese economy to the world economy will reach 13 percent this year, far above the 5 percent recorded in 2006. Despite the slowdown, China’s influence on the world will nevertheless remain substantial.

The BBC website quoted Tom Stevenson, Investment Director at Fidelity International, as saying investors should not ignore the world’s second largest economy just because of its slowing growth; instead, it may be the right time for them to invest in China.

Promoting U.S. recovery

China has taken the initiative in cutting its economic growth rate with a view to promote economic restructuring and upgrading. U.S. economists believe Chinese and U.S. economies are both at a critical juncture. Since China’s ongoing economic restructuring will provide huge opportunities for the U.S. recovery, the two countries should take the fifth round of the China-U.S. Strategic and Economic Dialogue as a new start for further cooperation in the fields of economy and trade, they added.

Economist Stephen Roach said consumption-driven growth in China will offer the United States a consumer market with more than 1 billion people. Moreover, the upcoming explosive growth in the country’s service sector is likely to present business opportunities worth $6 trillion to foreign companies in the next two decades.

A recently released joint research report by Chinese and U.S. think tanks, titled U.S.-China Economic Relations in the Next 10 Years: Towards Deeper Engagement and Mutual Benefit, gave a clear picture of future China-U.S. collaboration. U.S. exports to China are projected to create $460 billion in GDP and more than 3.34 million jobs, an increase of 2.63 million over 2010. If the United States relaxes restrictions on the exports of hi-tech products, oil and gas, its export volume to China will be even higher.

Cashing in on China

Speaking at a recent forum on China’s economic development held by the Australian National University, Australian Trade Minister Richard Marles said that 2013 marks a turning point in Australia’s economic relationship with China. In the face of China’s economic restructuring, Australia needs to seize new opportunities, he added.

“All the benefits of China’s transformation for Australia have not disappeared,” he said. “Many opportunities remain there to be grasped.”

As for China’s ongoing adjustment of its economic structure, Marles said that in this “highly interconnected, globalized world, China’s success in its economic reform program matters to everyone, not just China.” “We all have a stake in China’s reform,” he said.

Like Australia, many other countries are eager to seize the new opportunities opened up by China’s economic transition to boost their own development.