New engine of world economy

SHEFFIELD, United Kingdom - China is now the new engine of the global economy, with its sound economic growth conducive to the world at large, according to a leading German entrepreneur.

Speaking on the sidelines of a two-day forum in Sheffield earlier this week, Frank-Jurgen Richter, founder and chairman of Horasis, an international consultant firm, said: "I think China is now, we can easily see, becoming the new engine of growth in the world economy.

"I think the Chinese economy is doing very well," he added, voicing his full confidence in the future of China's economic development following the successful conclusion of the 19th National Congress of the Communist Party of China last month.

Richter said that the blueprint laid out at the CPC National Congress "is now very much about focusing on innovation, on the entrepreneurship, and the green economy" and "more focused on quality growth".

"Chinese companies are taking the world lead. They are innovative, they are the vanguards, they are no longer just copying the technology about 10 to 15 years ago, which was very natural at that time," he said.

"But now they are at the front of (the world's most advanced) technology. Just think about companies like Huawei."

Huawei Technologies, a multinational networking and telecommunications equipment and services company headquartered in Shenzhen in southern China, is the world's third biggest smartphone maker, which is continuing to expand its presence in the high-end sector.

"It is the new China, and it is the reason that I am so bullish on China's economy," Richter said.

"In the past, the world economy was still dominated by the United States and partly by Europe, maybe by Japan, but all those old markets are rather weak," he said.

"And even though Europe is recovering, the US is recovering; the real leader is now with China. So China is doing well, and the whole world is doing well. And that's the reason I think we should all support the Chinese economy," he said, adding that "we should join hands" to boost the healthy economic progress in China and other parts of the world.

"Today's companies have to cooperate across industries, across national boundaries," he said. "Chinese companies are very open, are very global, and we see the rise of Chinese brands - the global brand of Chinese origin."

Famous brands

Richter cited what he described as "very famous household brands" produced by Lenovo, Xiaomi, Hisense, Didi and Alibaba, saying: "It is like a new trend, Chinese brands are getting very famous."

On the back of technological prowess and good value, an increasing number of Chinese companies, including Huawei, Lenovo, Gree, Xiaomi and drone maker DJI-Innovation, have gained a foothold in the international market, paving the way for a wave of global Chinese brands.

"I think the Chinese government is very pro-business," Richter said. "It is not protectionist.

"I think it is also inviting foreign companies to come to China."

Xinhua

(China Daily 11/11/2017 page9)