Current location:Worldly Window news portal > world
ADB economist lauds efforts to sustain growth
Worldly Window news portal2024-05-08 04:46:49【world】9People have gathered around
IntroductionRecovery: Nation maintains strong investment inflowsChina is expected to maintain stable growth this
Recovery: Nation maintains strong investment inflows China is expected to maintain stable growth this year, ensuring the transition to high-quality development featuring green technology and a more balanced growth model, said a senior economist with the Asian Development Bank on Tuesday. Akiko Terada-Hagiwara, head of the economics and strategy unit of the ADB resident mission in China, said in an exclusive interview with China Daily that the country's "supportive and accommodative" fiscal and monetary policies will drive investment to sustain growth momentum for the year. Besides, there is still policy room for the country to strengthen support for economic growth, when necessary, she said. "We understand that the government has announced additional stimulus on the fiscal side, which, for sure, will drive investment, particularly public investment," Terada-Hagiwara said, adding that monetary policy is also expected to further accommodate fiscal policy, boosting the nation's economic recovery. "Meanwhile, the country's growth this year will be better supported by consumption, as the labor market and people's income prospects are improving," she said. The economist, however, pointed out that the weak property market remains an issue, and if recovery in the sector is slower than expected, it could undermine market sentiment and confidence, and even cause some financial issues. Besides, uncertainties in the external environment, including slower-than-expected economic growth in developed economies and countries around China, could also generate pressure on China's economic outlook this year, she said. Her remarks came amid fresh signs of steady economic recovery in China. Data from the National Bureau of Statistics showed that China's official purchasing managers index for the manufacturing sector rose to 50.8 in March from 49.1 in February, entering expansionary territory for the first time in six months. Industrial output grew 7 percent year-on-year in the first two months compared with a 6.8 percent rise in December. Fixed-asset investment increased 4.2 percent year-on-year during the same period compared with a 3 percent annual growth in 2023. "The recent (economic) data has been quite encouraging. We see that the growth momentum is picking up," she said. Looking ahead, Terada-Hagiwara said that China is on the way to becoming a high-income country, and it will not likely fall into the so-called middle-income trap if it continues to pursue reforms that focus on achieving high-quality development as it does now. "I think the point is not so much about achieving around 5 percent growth. It is more about addressing fundamental issues," she said. "The property market is one thing. (There are also) policies in the face of an aging society and for promoting green transition. I'm really confident that the country can move forward with all these agendas." For instance, the country can shift from the investment-driven growth model seen in the past decades to that driven by innovation, by boosting investment in innovation-oriented sectors and allocating more resources to those sectors, including funneling more credit to more productive enterprises. That will eventually increase total factor productivity, an important index for measuring economic benefits, and support long-term growth, the economist said. With an aging society, the country can encourage labor force participation of women or people who are currently not in the labor force, or raise the retirement age to expand the labor force, she added. Terada-Hagiwara said that against the backdrop of subdued global investment sentiment, China is still one of the largest recipients of foreign direct investment, with continuous upgrades in the structure and quality of FDI inflows. In the past, FDI flowed more into fields like light industries and textiles as multinational companies sought high efficiency. Now, they are coming for China's huge market, and foreign investments have been increasingly flowing into consumption products and new technologies, she said, adding that the country can consider expanding opening-up in the services sectors to better utilize FDI. Besides, she said that China's role in the world's outbound investment flows is growing, bringing more returns back to the country.
(Editor:Wang Su)
Address of this article:http://www.camilleandconfettis.com/html-85f899028.html
Very good!(7)
Related articles
- Cyberstuck! Tesla's 'apocalypse
- Ministry Ensures Rural Students Not Left Behind
- China Made Solid Progress on Elderly Care over Past Decade: NHC
- China to Have over 1,000 National Water Parks by 2025
- Elizabeth Hurley, 58, flaunts her jaw
- China Contributes over 30 Pct to World Economic Growth in 2013
- Across China: More Young Chinese Sign up to Become Organ, Body Donors
- China Launches Special TCM Initiative for Betterment of Public Health
- College protests: Columbia University cancels main commencement
- China Contributes over 30 Pct to World Economic Growth in 2013
Popular articles
Recommended
Chris Hemsworth is 'handpicked' by Vogue editor Anna Wintour to co
China Launches Special TCM Initiative for Betterment of Public Health
China's Pre
Local Villagers in SW China's Guizhou Busy Picking Tea Leaves
Madonna performs to a record
Freshmen Come to Register at Peking University
Classes Resume in Luding County and Neighboring Areas After Earthquake
China's Pre
Links
- Ibotta IPO: Shares of Walmart
- Sydney Sweeney and Zendaya both wowed in Euphoria, so why are they treated so differently?
- Feature: French companies geared up for CIIE 2024
- Maryland teen charged with planning school shooting after police review writings, internet searches
- Scheffler wiped out from Masters and opens with a 69 at Hilton Head. He trails Poston by 6 shots
- Missouri lawmakers expand private school scholarships backed by tax credits
- Shapiro says Pennsylvania will move all school standardized testing online in 2026
- Nevada Supreme Court rulings hand setbacks to gun
- Panthers have many needs entering NFL draft, but no first
- Punjab Kings run out of steam as Mumbai Indians win by 9 runs