According to the Economic Blue Book Summer Volume: Annual Report on China's Economic Growth (2018-2019) released by the Institute of Economics, Chinese Academy of Social Sciences together with the Social Sciences Academic Press (China) on 29, the forecast for China's economic growth has been toned down due to external impact. It is expected that China's economy will grow by 6.1% in the second half of 2019 and by 6.2% in the whole year of 2019. 

"China's economy shows great resilience" -- the international community is optimistic about China's economic development prospect. 

The International Monetary Fund (IMF) recently revised downward its forecast for the world economic growth in 2019 to 3%, which marks the lowest level since the 2008 global financial crisis. Nevertheless, Asia still remains the main region with the fastest economic growth across the globe. The IMF pointed out that amongst others, China's contribution to global economic growth is anticipated to reach 39%. Since this year, China has maintained a good momentum of steady and progressive economic growth and has its GDP grow by 6.2% year on year in the first three quarters. China's economy functioning within a proper range offers certainty for the global economy trapped in tremendous uncertainties. An international person interviewed by this reporter said that against the background of sluggish global economic recovery, "China's economy has shown great resilience", and as China's economy is shifting to high-quality development, it will continue to contribute to the global economic growth. 

"China acts as a major stabilizer for the global economic development." 

This international person believes that China's economy shows great "robustness", "tenacity" and "confidence", demonstrating the confidence of the international community in China's economic prospects. 

Mwangi Wagira, a former World Bank economist and Kenyan scholar, said that along with the slowdown in world-wide economic activity in 2018, the manufacturing industry was worst affected, while China's economy still grew at a rate of more than 6%, making it clear that the impact of external factors on China's economy is controllable. 

Claudia, head of Belgium ChinaEU, told the reporter that China's economy growing by 6.2% is much envied by other major economies in the world. Besides, other key data of China's economy have all achieved stable and sustained growth, such as domestic retail industry, industrial output value and fixed investment. "A range of measures taken by the Chinese government to promote economic development are gaining their effect, including tax reduction, and China's economy still holds robust development momentum in the future." 

"China acts as a major stabilizer for the global economic development." According to Kumar, a professor of economics at Delhi University in India, China has switched to an economy dominated by domestic demand, while the consumer spending plays a basic role in the domestic demand, indicating that fundamental changes are taking place in China's economic growth mode. In spite of the sluggish global manufacturing activity, China's middle and high-end manufacturing industry is getting a rising position in the global value chain and the national innovation-driven development strategy plays an important role. Kumar believes that China has the ability to ensure the achievement of the stated objectives of macroeconomic development. 

"Globally, the growth rate of 6.2% is quiet high. Under the current unfavorable external conditions, China's economy shows strong resilience." Xia Huasheng, a financial expert of FGV IBRE, a think-tank in Brazil, said that in the first three quarters, China's actual use of foreign investment increased by 6.5% year on year thanks to China's unswerving policy of opening wider to the outside world and attracting foreign investment. This also shows the confidence of foreign enterprises in China's economic development. 

"China will accomplish greater achievements in the field of high and new technology." 

As China's economic structural adjustment exerts its effect, the replacement of old growth drivers with new ones is speeding up and the vitality of market players is fully released. China's economy sustains stability against risks and challenges as the global economic growth slows down and the continuously accumulated innovative impetus gathers great momentum to China's economy. 

According to Dwit, chairman of Belgian-Chinese Chamber of Commerce (BCECC), the determination of China's economic structural reform, the coherence China's economic policies and the tremendous development potential of the market all make China's economic development prospective. "Driven by innovation, China has been at the forefront of the world in e-commerce, 5G, artificial intelligence (AI), big data and other fields. The government and enterprises have been giving increasing weight to scientific research investment. China has been advancing at a miraculous pace in the application and transformation of high and new technology, and is rising to be a new important platform for high and new technology research and development." 

Xia Huasheng believes that the year-on-year increase by 12.6% of investment in China's high-tech manufacturing industry in the first three quarters this year and the strengthened innovative impetus of China's enterprises are accountable to their full confidence in the layout and development of the industrial chain. "As China keeps on the way of innovation and development, what's the most noticeable is that China has increased investment in research and development and that the Chinese government plays an important role in promoting innovation and development. Thanks to the perfect high-tech industrial chain, constantly optimized industrial structure and increasingly improved business environment, an increasing number of foreign enterprises have come to invest and engage themselves in China's economic transformation and upgrading." 

"The joint development of the Belt and Road creates a win-win situation." 

"China's economy is undergoing structural reform while China puts much more attention to the quality of growth and the sustainability of development. China's economy is anticipated to continue to grow and make more contributions to global economic growth," said Gian Maria, deputy director of IMF Research Department to this reporter. 

Kangwon Guiyoou, chief economist of the Japan Institute of International Trade and Investment (ITI), said that as China's foreign investment market access and other policies are further relaxed and the domestic business environment is further improved, greater attraction is offered for foreign investors, some of whom have chosen to invest in China under such a context, especially some high-tech industries. 

"China has made important contributions to the world economy and the development of African countries such as South Africa", Ebrahim Patel, Minister for Trade and Industry of South Africa, said that China has a population of nearly 1.4 billion and a huge market and thus provides strong support for South Africa and other African countries to achieve sustainable development. "I am optimistic about China's economic prospects. China has provided valuable experience for South Africa and we will learn from China's successful experience in supporting innovation, development of small and micro enterprises, youth entrepreneurship, etc." 

Jaya Josie, a BRICS researcher in South Africa, believes that China's initiative to open wider to the outside world has provided an important foundation for the recovery and sustained growth of the world economy. "The joint development of the Belt and Road creates a win-win situation and will benefit the world economy. China plays a significant role in showing the way of innovation, especially in the field of Internet technology and Internet finance. Further, 5G, digital economy, green innovation and other technologies and programs will also effectively back the global innovation environment and promote global economic growth. At the same time, great benefits will also be provided to developing countries and emerging economies."  

Alexei Batuyev, general manager of Oka Industrial Park Management Company in Russia, said that as China has taken positive measures to create an open and fair international trade environment and held China International Import Expo (CIIE) and the Multinationals Summit, many international cooperation platforms have been set up, bringing more opportunities for the development of all countries. 

Source: People's Daily