Business / Economy

China's GDP remains great result in current scenario

(Xinhua) Updated: 2015-10-21 10:14

RIO DE JANEIRO - Despite reduction, China's GDP figure is still a great result given the current adverse economic situation in the world, a Brazilian expert told Xinhua on Monday.

Given other countries' performance, China's 6.9 percent growth rate in the third quarter cannot be considered a bad thing, said Ronnie Lins, CEO of the Center China & Brazil: Research and Business (CBC).

"In the current scenario, a 6.9-percent growth rate is a great result, compared with other countries'," he said.

Lins also observed that China is going through a moment of adjustments to a new growth model. This will require from the country more innovation and an increase in the output of products with aggregated value, as well as the promotion of a new quality brand for products made in China.

The deepening of the political reforms already in course will be needed as well, the Brazilian expert said. Among the issues China will have to handle in its transition for a new growth model are unemployment, debt and investments.

According to Lins, the Chinese government is already taking action to minimize housing bubbles, increasing debt and financial difficulties.

The Chinese government acknowledges the need to implement a new economic model, more adapted to the current reality and able to deal with pressing issues like an upcoming new industrial revolution. Growing 6.5 to 7 percent per year will maintain China in a successful path over the next years, Lins said.

"Despite all the usual difficulties that changes bring to any country, President Xi and his team have demonstrated determination and concrete action on this matter. These reforms, along with a new growth model, will be responsible for the success in achieving the 'Made in China 2025,'" he said.

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