China’s economic prospect dominated many of the talks at this year’s World Economic Forum (WEF) that concluded on Jan 23 in Davos, Switzerland.
The International Monetary Fund projects China’s economy, a major contributor to global growth, will grow by 6.3 percent this year. The country’s GDP grew by 6.9 percent in 2015.
During the four-day meeting at the Alpine skiing resort, several speakers reiterated their confidence in the world’s second-largest economy, while warning of volatility in the short term.
Here are the top eight quotes on China at the 2016 WEF.
“China has the confidence and capacity to maintain medium to high growth.”
－ Li Yuanchao, Chinese vice-president, at the WEF annual meeting
“We were fearing that there would be hard landing in China, but almost everybody here at Davos now feels that it is not going to be a hard landing. We are going to see an evolution, not a hard landing and a move toward a sustainable growth.”
－IMF chief Christine Lagarde, at the WEF meeting
“The reforms and leadership in China are fundamentally very good. What we are dealing with should be short-term challenges.”
－Ray Dalio, chairman and chief investment officer of Bridgewater Associates, in Davos
“China has reached the point of no return — the country needs to deepen reforms to avoid the middle-income trap.”
－Jiang Jianqing, chairman of the Industrial and Commercial Bank of China
“It is a difficult transition for any country, let alone during the digital era and with the lack of market liquidity in the post-crisis world.”
－Gary D. Cohn, president and chief operating officer of Goldman Sachs
“China is in the midst of a major transition, and in the process a lot of assets will be revalued.”
－Fang Xinghai, vice-chairman of the China Securities Regulatory Commission
“We believe China will have a soft landing, not a hard landing. A lot of people in the market believe demand in China is decreasing. We don’t agree.”
－Credit Suisse CEO Tidjane Thiam
“China is going to be contributing more and more to the world’s innovation.”
－Microsoft’s founder Bill Gates in an interview with Xinhua on the sidelines of the WEF meeting