Analysts at Summer Davos still positive about Chinese economy
July 9, 2019 Category China News Round-up, Weekly
Despite 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 at a sub-forum of the Annual Meeting of the New Champions 2019, known as Summer Davos. Strong momentum is forecast for China’s economy in 2019 thanks to the country’s robust consumption and industrial upgrading. Ning Gaoning, Chairman of Sinochem Group, said despite the trade friction, the coming years would be a good time for Chinese enterprises to proceed with 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 is already happening on a 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. “The push toward automated and intelligent manufacturing holds immense opportunities and challenges for China. Robot use and automation are still at a very low level, which leaves plenty of room to catch up,” he said. 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. He added that the current disruptions to the global supply chain will add to China’s determination to develop its high-tech industry, the Shanghai Daily reports.
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