China's progress in structural adjustment justifies optimism in its economic prospects

AT THE RECENT World Economic Forum in Davos, George Soros, the billionaire investor, said that China is headed for a hard landing. A broader view of China's overall economy is needed, says People's Daily:

Data shows that China's contribution to global economic growth remains above 25 percent, even though it has entered a new normal of slower but more sustainable growth. It is also optimizing its economic structure, in which the service sector accounts for 50.5 percent, 10 percentage points higher than the industrial sector.

It is safe, therefore, to conclude that China's economy is on the right track. Just as Jim O'Neill, a former chief economist at Goldman Sachs, said, China's economic growth should be viewed in a broader perspective.