Int'l experts hail China's economic resilience with high-quality development

Russian and Kenyan experts have hailed China's Central Economic Work Conference as a pivotal moment in shaping China's economic future, with its resilience offering a stabilizing force for the global market.

Their comments followed the annual Central Economic Work Conference, held in Beijing from Wednesday to Thursday.

Chinese President Xi Jinping delivered an important speech at the conference, in which he reviewed the country's economic work in 2025, analyzed the current economic situation, and arranged next year's economic work.

Vasily Kashin, director of the Center for Comprehensive European and International Studies at the HSE University, emphasized the significance of the meeting.

"This conference is of great significance. It is not only related to the assessment of China's current economic situation, but also outlined the priorities for the future, including the next five-year plan. There has been a renewed emphasis on the significant role of new quality productive forces, new growth points, and sci-tech development. This economic work conference places a greater emphasis on action. The content of the meeting covers various economic indicators that China hopes to achieve in the near future and involves a series of specific measures aimed at optimizing economic quality and ensuring sustainable development," he said.

Kashin said China's economic progress reflects a shift towards high-tech, sustainable industries and environmental improvements.

"The achievements of China's economy are primarily related to the changes in the export structure and the sources of growth. Enterprises in the high-tech, digital economy, and renewable energy fields are playing an increasingly important role. Their product exports are on the rise, which include electrical transportation equipment, latest types of vehicles, and complex industrial equipment. This is a very important achievement. China has also carried out a great deal of work in reducing greenhouse gas emissions, optimizing the ecological environment, and raising ecological standards. These are the main achievements China has made so far," said Kashin.

Meanwhile, James Shikwati, a Kenyan economist and director of the Inter-Region Economic Network, hailed China's economic resilience over the past five years.

"China's show of economic resilience for the last five years has given the global economic sector a stabilizing factor, because right now, as you speak, many countries are in panic mode because of protectionism that is rising, especially in developed economies such as the U.S. and Europe. And China has been showing this steadiness that its economy is able to withstand those shocks, and by showing that it can withstand those shocks, it gives hope to other economies, especially from the Global South, that have always heavily dependent on Western economies," said Shikwati.

Shikwati added that China's openness to new markets offers opportunities for developing countries worldwide.

"China's opening up to the world, what it is doing is offering an alternative platform, not necessarily stopping people from the old platform, but simply creating what I'll call some kind of fresh air in the global market system, so that countries, especially from the Global South, can access its markets," he said.

Int'l experts hail China's economic resilience with high-quality development

The global economy is showing greater resilience than expected with growth forecast to remain steady at 3.2 percent this year and next, though key reforms are needed to unlock higher long-term potential, said International Monetary Fund (IMF) Managing Director Kristalina Georgieva on Thursday.

In an exclusive interview with China Global Television Network, Georgieva said that while the current figures reflect encouraging stability amid global uncertainties, they still fall short of pre-pandemic averages.

"We are projecting 3.2 percent growth this year, 3.2 percent growth globally next year. That is quite impressing given the major transformation forces in play from geopolitics to technology, to the demography, and given the trade tensions that have impacted the year. But with 3.2 percent and very high levels of debt in many countries, this is better than we feared, but less than we need, and less than historically growth has been prior to COVID. The average growth rate prior to COVID was 3.7 percent. So 3.2 is disappointing," she said.

Despite the headwinds, she pointed to the gradual building of structural factors and policy foundations in several developing countries as key sources of resilience.

"First, over the last decades, most countries, especially emerging market economies, have done very well to build good institutions, to have in place strong policy frameworks, and that helps in this time of very high uncertainty. Secondly, most countries, including China, have gotten the government out of economic activity and led the private sector in. The private sector is more adaptable, especially again, in this time of rapid change. Three, the trade problems we started the year with in April, have proven to be not so dramatic," said the IMF director.

As the U.S. Federal Reserve (Fed) convenes for its year-end meeting amid expectations of rate cuts, Georgieva said the IMF is paying close attention as it looks for more signs of positive momentum in the global economy.

"What is important is that we very carefully monitor policy developments that have systemic significance. And as you refer to the Fed, of course, we monitor decisions of the Fed. Right now, what we see is the Fed is easing interest rates, and the dollar has weakened a little bit. This is good for emerging market economies. It makes their currencies more competitive, stronger. And it is also a source of more access to financial resources for emerging markets," she said.

IMF chief highlights "better than expected" 3.2 pct global growth forecast, urges reforms