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China's economic landscape displays stable, diversified trend: economist

Xinhua | Updated: 2024-03-28 13:15
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The logo of Boao Forum for Asia is seen in Boao, South China's Hainan province, March 25, 2024. [Photo/VCG]

MACAO - China's economic landscape is displaying a stable and diversified trend, said Maggie Xiaoqing Fu, a professor at the University of Macao, with positive prospects for the around 5 percent GDP growth target announced during the "two sessions."

The ongoing supply-side structural reforms are pivotal in optimizing the economic structure, the professor in finance and business economics told Xinhua, adding that an increasing proportion of service and high-tech industries can inject new momentum into economic growth.

She said in an interview ahead of the Boao Forum for Asia Annual Conference 2024 that China has the advantage of concentrating efforts to accomplish major tasks. "It can not only adjust across cycles but also counter-cyclically regulate its economy."

Fu also explained how the "new quality productive forces," a new concept in China's development, is poised to accelerate growth across the region.

"By harnessing new technologies, industries, and formats, the Chinese economy can accelerate industrial upgrading, enhance innovation capabilities, and promote regional economic integration," she said, noting that it will also create a more open, inclusive, and beneficial economic pattern in the Asian region.

On innovation and China's focus on digitalization and green development, she said the rapid development in sectors such as solar photovoltaics, electric vehicles, and lithium batteries elevates China's position in the global industrial and value chains and provides robust support for global efforts to address climate change challenges.

As green development is a key measure to address global climate change, she highlighted the importance of international cooperation. The green initiatives undertaken by other Asian countries, from Singapore's Green Plan 2030 to India's investment in renewable energy, show a collective commitment to sustainable growth, she said.

Fu envisioned deeper cooperation through strengthened top-level communication, fostering green industries, and reforming global environmental governance to achieve collective green development.

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