Even as China’s economy faces immense difficulties and challenges threatening it to slow down, the nation will weather these storms and remain committed to deepening reforms while continuing to open up to the world around it.
This is the view shared by Lui Xiaoming, China’s ambassador to the U.K., who expressed confidence in his country’s economic survival and rejuvenation in a recent editorial published by The Telegraph.
In the article, Xiaoming highlights China’s seven percent increase in GDP during the first half of this year while creating 7.18 million jobs as a sign of internal growth.
He also pointed to China’s recent troubles of shrinking exports, investments and industrial output as chances to seize opportunities.
“…this is an expected and positive result of voluntary structural adjustment,” Xiaoming writes.
“Growth in China now relies more on domestic demand, on individual consumption and on the service sector.”
The ambassador also noted that the service sector accounted for half of China’s GDP growth in the first half of 2015.
“The fundamentals of the Chinese economy therefore remain unchanged and indicate long-term growth,” Xiaoming continues. “The population and the size of the country promise big development potential, ample room for maneuver and strong resilience. Urbanization and structural adjustments will generate a new driving force for the Chinese economy and create a huge space for growth.”
The ambassador also applauded the reform taking place in his country’s communist regime.
“China’s recent measures against major fluctuations in the stock market are exactly what a responsible government should do to ensure economic stability, maintain market order and allow sustained and sound development of the capital market …
“In July, foreign capital was given greater access to China’s inter-bank bond market, allowing registered institutions to decide on how much they invest. This is yet another major step forward toward greater openness.”
In looking outside his country, the ambassador stressed the outside world’s benefit in cooperating and aiding in a recovering and thriving Chinese economy.
“… the world’s understanding, support and advice are valued. Bad-mouthing China creates only problems not solutions.
“The fact that what happens in China is felt elsewhere only emphasizes the need for the countries of the world to co-operate for win-win results. China’s contribution to world economic growth since the beginning of its reform and opening up three decades ago is widely recognized. During the Asian financial crisis in the late Nineties and the global financial crisis that broke out in 2008, China acted very responsibly. With a commitment to win-win co-operation, China is ready to work with the rest of the world to share experience and explore solutions to difficult development issues in order to put the world economy back on a growth trajectory.”.