“China’s economic system is robust and has made a tremendous contribution to economic stability,” Stephen Roach, a senior fellow at Yale University’s Jackson Institute of Global Affairs, wrote in an article entitled, “The new confidence of the People’s Republic of China,” published in the German newspaper Handelsblatt on April 5.
Roach said in his article that some Western economists believe China’s economy will have a hard landing, but ignored the fact that China’s robust and vigorous economic system has played an important role in maintaining economic stability.
According to the article, recent data showed that “hard landing” is not likely. The first two months of this year witnessed China’s strong performance in trade, industrial output, electricity consumption, equipment investment and service sector.
Also in February, China’s foreign exchange reserves picked up after a seven-month fall, which shows the pressure from cross-border capital outflows has been relieved.
In recent years, China has taken many measures to transform its economic structure, with the service sector making up a large portion, Roach said.
China still has a long way to go in its structural reform, and should make continuous efforts to promote economic reform, he added.