Former Italian govt official on China s economy

CNC
Added On September 14, 2019

Having lived in China for ten years, Geraci said in the interview that he has witnessed "huge changes" in China.

 
 
SOUNDBITE (Chinese): MICHELE GERACI, Former Undersecretary of Italian Ministry of Economic Development
"For example, there was basically no use of WeChat payment the first time I went to China, while nowadays there is basically no use of cash. This is one of the biggest changes. "
"Actually in many fields, let's say high-speed railways, Internet and Artificial Intelligence, China's development is relatively fast and successful."
 
When it comes to China's slowdown of GDP growth, Geraci sees the brighter side of the country's economic transformation.
 
SOUNDBITE (Chinese): MICHELE GERACI, Former Undersecretary of Italian Ministry of Economic Development
"Although China's GDP growth no longer reaches 8 percent or 9 percent as it did in the past, it still has a growth rate of more than 6 percent. And the quality of its development is better because it is more balanced."
 
Geraci also expressed his optimism about the future development of China's economy, noting that the quality of the GDP growth in the next decade will be "much higher".