The Board of Directors of the Boao Forum for Asia agreed that the Chinese economy has a promising future during a sub-forum under the theme of “Global Economic Outlook 2016: A Dialogue with BFA Board of Directors” on March 23 in south China’s Hainan province.

Zeng Peiyan, former vice-premier, said every country is facing downward pressure at present and the slowdown in the growth rate is reasonable due to the economic situation and increased total economic output. The economic slowdown is due to the pursuit of quality development, he said, it will not result in a hard landing.

China is implementing supply-side structural reforms, which will advance economic restructuring, and the economy will definitely accomplish a stable transformation in the medium and long term, he said.

Yasuo Fukuda, former Japanese prime minister, said China should promote mass innovation and entrepreneurship to achieve sustainable growth and the spirit of innovation and entrepreneurship have become important pillars for reform, he said.

Leif Johansson, chairman of the board of Ericsson, said although world growth and the Chinese economy are slowing down, China’s economic figures remain powerful.

Victor K Fung, group chairman of the Fung Group and honorary chairman of the Li & Fung Group, said the expanding service sector is a highlight of the Chinese economy and it is also an opportunity as its full potential has not yet been fully realized.

Mao Chaofeng, executive deputy governor of Hainan province, said the duty free shop in Sanya is the largest in Asia and it is still growing even with a spending limit of 16,000 yuan for every person.

This showed the strong purchasing power of Chinese citizens, Mao said, and it also showed that there is still huge potential in China’s shopping demand.