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World opinion optimistic about China’s economy

Updated: Sep 17,2015 4:17 PM

Although economic slowdown pressures have increased in China, overseas mainstream media and analysts still hold an optimistic attitude toward the country’s economy, and recognize the country’s transformation in its economic development mode.

China may miss this year’s GDP growth target of 7 percent, but the country’s economy is not facing collapse, reported the US-based Washington Post on Sept 6.

China’s economic volume had a 7 percent year-on-year increase, and contributed about 30 percent to the growth of the world economy in the first half of this year, according to Hong Kong-based Chinese language newspaper Wen Wei Po on Sept 11. It also said that China’s economy is seeing steady growth in general.

In 2014, China’s consumption contributed more than investments to the country’s economic growth, and half of the GDP growth depended on the service sector, not heavy industry, which appears to indicate that a market collapse in China was a sign of the country’s successful economic transformation, US-based website National Interest said on Sept 9. The magazine also commented that China is undergoing transformation from an export, investment and heavy industry-driven economy to a consumption and service-driven one.

The slow speed of growth in China was normal, as the country is transforming into a mature economy, and the slow growth would benefit the country’s future healthy growth, said Zanny Minton Beddoes, editor-in-chief of the Economist, on Sept 11. Beddoes added that in the future, robust private enterprises will be an important engine to drive China’s economic growth.

The magazine also reported that China’s economic scale was larger than in years past, so even if its growth speed decreased to 5 percent, the country’s economic production still outnumbered the amount from 2007, during which the GDP growth was 14 percent.

China’s development in recent years has surprised the world, and the country is likely to surpass the US to become the world’s largest economy in the next 20 years, reported the Independent on Aug 29.

If the Chinese government sticks to its economic reform, the country’s economy will move out of the recession and benefit developed countries after years of hardship and stagnation, the Financial Times posted on Sept 7.