Restructuring has increased durability of Chinese economy

From a historical perspective, the 40 years of reform and opening-up have shown that China's development has never been easy. It has had to overcome numerous challenges, including major shocks such as the Asian financial crisis in 1997-98 and the global financial crisis in 2008-09. But the country has successfully passed every test it has faced and in doing so emerged stronger.

Each time, the Chinese authorities have used policy tools to stimulate domestic demand, stabilize exports and support the manufacturing sector to successfully overcome the trials and tribulations.

Today, the Chinese economy is still enduring growing pains, not least from the external uncertainties caused by trade tensions, but unlike 10 or 20 years ago, domestic demand is playing an ever more important role in bolstering the economy thanks to the country's strenuous efforts to restructure the economy in recent years.