Greek expert:China is on the right path to sustain growth

CNC
Added On January 9, 2019

 China is on the right path to sustained economic development as its growth is now increasingly driven by domestic demand. That's according to a Greek expert in an interview with CNC.

 
Harry Papasotiriou is director of the Institute of International Relations, a prestigious think tank based in Athens.
 
He said Beijing took a right step in refocusing the model of growth over the past five years.
 
SOUNDBITE: (English) HARRY PAPASOTIRIOU, Director, Institute of International Relation
"It is good that China seeks a model which is less heavily dependent on exports and more on domestic demand."
 
Papasotiriou has visited China many times since 2005. He studied China's political system and followed closely the economic and social developments in recent years.
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He said he was impressed by China's "spectacularly successful" economy and how the special economic zones have transformed Shenzhen from a fishing village in southern China into a massive modern metropolis.
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Nevertheless, he said the Chinese economy can no longer rely on its two main engines of exports and public investments, but should find a way to increase domestic consumption to move forward.
 
SOUNDBITE: (English) HARRY PAPASOTIRIOU, Director, Institute of International Relation
"...In the past Chinese technology was based too much on copying Western technology. I think now this has changed, now you see China producing original technology of its own. So, that is a big step, a big difference that I noticed.”
 
The scholar hailed China's "enormous contribution" to the world economy as it is the leading exporter of manufactured products and a leading source of foreign direct investment.