2017年CRI Attendees of World Economic Forum optimistic about Chinese economy

 

Li Daokui, Director of the Center for China in the World Economy at Tsinghua University, was among those noting the growing role of consumption and services in the world's second largest economy.

"Consumption contributed to more than 70% of China's economic growth in 2016, and the added value of the tertiary sector¹ in China's GDP has surpassed 50%. Development of cities in western China has been on a fast track. After many years, development of the western regions, which we have been very concerned about, is no longer lagging behind, " said Li.

As China continues to transition from export-led growth to a model driven by consumption and services, there also appears to be optimism among international organizations, including the International Monetary² Fund (IMF).

In its latest World Economic Outlook update, the IMF raised China's growth forecast for 2017 to 6.5%, up from the 6.2% projection³ made in October. The IMF says its revision is based on expectations of continued policy support for the economy.

Thomas Jordan, Chair of the Swiss National Bank, the nation's central bank, described China as an increasingly important driver of global economic growth.

"So China is a key country for the world economy. It's one of the drivers, if not the driver, of world growth. So all good numbers that come out of China are very positive signals for the world economy," explained Jordan.

Multinational⁴ companies with operations in China also seem to be increasing their bets on the Chinese market, particularly given the rapidly growing ranks of the middle-class consumers.

"(The) Chinese economy will be increasingly relevant to economies all around the world, obviously including the United States. I think businesses continue to grow well. I think a lot of it is about the growing Chinese middle class and a shift towards more consumer behavior. Obviously, that's good for us. The most predominate guests in our hotels in China are Chinese travelers," said Arne Sorenson, President and CEO of Marriott International hotels.

Joe Kaeser, CEO of German industrial giant Siemens, said his company has been able to expand its business in China through localization.

"We do realize, and we have done that, that localization matters, that innovation, technology needs to be brought to the country where we do business in. We've been very adamant⁵ about it. We have almost 4,000 people working for Siemens in China, so we are very proud of the history, and we have a lot we can do together for a very bright future," said Kaeser.

The optimism comes in the wake of new Chinese government analysis showing China's economy grew 6.7% through 2016.

1 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

2 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

3 projection   

n.发射，计划，突出部分

参考例句：

• Projection takes place with a minimum of awareness or conscious control.投射在最少的知觉或意识控制下发生。
• The projection of increases in number of house-holds is correct.对户数增加的推算是正确的。

4 multinational   

adj.多国的，多种国籍的；n.多国籍公司，跨国公司

参考例句：

• The firm was taken over by a multinational consulting firm.这家公司被一个跨国咨询公司收购。
• He analyzed the relationship between multinational corporations and under-developed countries.他分析了跨国公司和不发达国家之间的关系。

5 adamant   

adj.坚硬的，固执的

参考例句：

• We are adamant on the building of a well-off society.在建设小康社会这一点上，我们是坚定不移的。
• Veronica was quite adamant that they should stay on.维罗妮卡坚信他们必须继续留下去。