Looking to a promising future

Chinese economy faces potential risks but strong fundamentals will ensure that it sails unscathed through troubled waters

Contrary to some foreign experts' views that the Chinese economy may encounter "big trouble" in 2014, it is likely to register a 7.5 percent growth. One of the main reasons for that is the rapidly changing demand structure in China in which consumption plays a much greater part.

China's economic growth used to be driven by investment and exports. But that no longer is the case. For example, last year consumption contributed 50.4 percent to the country's GDP, while exports contributed minus 4.4 percent, according to the National Bureau of Statistics. With the increase in people's income this year, the contribution of consumption will continue to rise. External demand is also expected to increase with the economic recovery in the United States and the European Union.