US experts: China's economic outlook is improving
For a period of time, some countries have been singing down the Chinese economy, and the theory of China's collapse has been rampant. Sulab Gupta, a senior researcher at the US China US Research Center, recently stated in an interview with China Daily that this argument is untenable, as Chinese consumption is on the rise and there is also a lot of room for economic growth.
The expected target for China's economic growth rate in 2023 is around 5%. Gupta said, "The situation is gradually improving... I think China's economic growth rate will exceed 5%."
He analyzed that various signs indicate that China's consumption is on the rise. "From a broader structural perspective, China's consumption has been growing and will continue to grow in the long term."
It is also worth mentioning that in July, the Central Committee of the Communist Party of China and the State Council publicly issued the "Opinions on Promoting the Development and Growth of Private Economy". In August, the State Council issued the "Opinions on Further Optimizing the Foreign Investment Environment and Increasing the Attraction of Foreign Investment".
Gupta analyzed this and said, "I think the Chinese government is doing well... What you need to do is create a healthy economic environment and make the private sector confident in investment. It is doing its best to attract relevant investment to achieve a healthy, benign, and cyclical recovery."
For a period of time, Western media have reported that the Chinese economy has slowed down or even collapsed. Gupta refuted that the Chinese economy will maintain stable growth.
Firstly, according to per capita standards, China remains a middle-income economy with the potential to shift from an investment oriented growth model to a more consumption and service oriented model. China has vibrant private enterprises, and the manufacturing sector is innovating extensively.
Secondly, in terms of service competition, China opened its market earlier than East Asian countries such as Japan and South Korea. A wave of entrepreneurship has emerged in China, which will help accelerate the growth rate in the coming years. Gupta said, "China is moving towards a more entrepreneurial and sustainable growth trajectory."
Thirdly, the Chinese government can unleash its potential and play a greater role in promoting consumption.
He concluded by saying, "China still has ample room for growth and economic transformation, and is expected to become a more advanced economy with an advanced economic structure."
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