The World Economic Forum – Chinese economy is on the rise

The CEO’s and global policy makers meeting in Dalian are optimistic about Beijing’s strong economic growth

According to the experts attending the event, despite numerous challenges, the world’s second-largest economy seems to have a bright future, as the discussions at the meeting focus on innovation, technology, entrepreneurship and finances.

In the opening ceremony, Premier Li Keqiang stated the point of view of officials in China: in order to grow, the economy should be driven by innovative projects, that are fully supported by the authorities in Beijing.
The strong economy momentum in the country’s developing market was also underlined by Helen Zhu, the manager of China equities at BlackRock.

“Any problem that’s taken seven, nine years to build up will not be resolved overnight, so that path towards the resolution will not be a straight line either,” she commented.

On the other hand, some of the participants agree that with the new political class and new reforms, the Chinese economy will accelerate even more.

“These [new] officials have been carefully, carefully scrutinized before they are appointed, so they are clean. They are not worried about becoming targets of anti-corruption investigations,” ex-Chinese central bank advisor Li Daokui explained. According to his opinion, this year and the year to come will mark the beginning of the country’s growth acceleration, with a 6.7 per cent and a 7 per cent increase in economic growth respectively.

Moreover, the spending power of the consumers is also on the rise, as customers have lost interest on cheap and counterfeit products and switched their attention on high-quality, original goods.

As a conclusion of the event, despite risks, Chinese top executives are willing to further invest both local and international markets, targeting internal economic growth in the long run.

China has been welcoming the The World Economic Forum – Summer Davos event for over a decade now, with the next year’s meeting scheduled to be hosted in the city of Tianjin.