Spotlight: U.S. experts upbeat about China growth momentum

Source: Xinhua| 2018-01-27 13:06:55|Editor: Liangyu
Video PlayerClose

by Xinhua writers Yang Shilong, Xu Xingtang, Zhang Mengxi

NEW YORK, Jan. 26 (Xinhua) -- Booming domestic consumption, new technologies and supportive government policies are among a cocktail of "immutable" forces that continue to power China's economic growth, U.S. experts have said.

TRANSITION REMARKABLE

"They get government, they get capital, they get entrepreneurship...in particular, they get consumers. These forces are immutable. They are macroeconomic, they are demographically driven," said Michael Chu, global co-CEO of the private equity firm L Catterton, in his keynote speech at a recent conference themed "Next China: How China will reshape our world" in New York City.

"The issue is really how much it (China's economy) is going to grow. The issue is not it will become an increase in consumer driven economy. That's not the question. The question will just be how much and how fast," said Chu.

Andy Rothman, investment strategist of Matthews Asia, agreed.

The shift from an investment and export-driven economy to a consumption and service model like the one in the United States, "which many thought wouldn't be possible" is happening, said Rothman in a panel discussing China's macroeconomic outlook for 2018.

"I think a lot of people (who) were pessimistic maybe don't understand how much things have changed (in China) in a relatively short period of time," he said.

He said when he first went to China in the 1980s, he could hardly find a privately owned restaurant. Now, he said, almost all the new job creation in China is from small private enterprises.

China's official data showed its gross domestic product reached 82.7 trillion yuan (about 13 trillion U.S. dollars) in 2017, an annual increase of 6.9 percent, as it picked up pace for the first time in seven years. The contribution of consumption to economic growth increased to 58.8 percent from 51.8 percent in 2012.

COCKTAIL OF FORCES

Lots of capital, technologically-enabled transactions, business opportunities, increasing wealth and a supportive government are among the inputs to make the economic transformation in China a success, Chu said.

China implemented a strategy of innovation-driven growth in the past five years, research and development expenditures have increased by an annual more than 11 percent and sci-tech progress has contributed more to economic development.

Mobile and e-commerce markets have provided a great ecosystem for new businesses to grow in China, said Chu. Moreover, the country has more online users than the United States and Europe combined, a staggering 751 million. China saw a daily registration of 16,600 new companies in 2017.

China's investment in artificial intelligence, science, and technology has paid off, Frederick Demopoulos, investor and co-founder of Qunar, said in an interview with Xinhua on the sidelines of the conference.

The BAT giants, i.e. Baidu, Alibaba, and Tencent, have even greater advantages, he said,"they have access to huge amount of data and info which makes them big players in China's AI development as well."

"This is the best time to set up a business in China," he said, citing the massive consumer market and lots of capital and money flowing around besides talents and a big workforce in startups.

China will add 850 million people to its middle income group by 2030, or 73 percent of the population, according to a recent working paper by the Organization for Economic Cooperation and Development (OECD). In contrast, Europe will add only 16 million and North America will see a decline of 16 million.

According to Chu, China's venture capital investment has grown from 12 trillion dollars in 2011-2013 to 77 trillion dollars in 2014-2016.

"In China, every 8 minutes there's a startup being created," Anna Fang, CEO of ZhenFund, told a technology panel. Consumption-focused startups account for about 20 percent funded by the early stage venture capital firms primarily investing in China.

CHALLENGES REMAIN

Stephen Roach, former chairman of Morgan Stanley Asia and senior fellow at Yale University's Jackson Institute for Global Affairs, spoke at the same panel. He noted China's transition toward a consumption-led economy is making progress but still faces challenges.

Roach is the author of the 2014 book "Unbalanced: The Codependency of America and China," published by Yale University Press.

"I'm always wary of the black-and-white, bull or bear (projections), I prefer to be a realist and think about both sets of considerations," Roach said.

On one hand, he said, "China has done a terrific job in the industrial engineering piece of this by boosting the development of the services sector and pushing ahead aggressively on urbanization."

On the other hand, although all of these raised personal income share of the Chinese economy a lot, Roach said, the consumption share of GDP still has great room to grow.

The panelists also discussed China's housing market, local debt, social safety net, and the government's role in regulating those complexities.

Many agree that one has to understand the difference between China's model and the Western model.

"President Xi (Jinping) has obviously made some extraordinary statements of transformations that will be occurring in China over time. And some of those suggest an economy that will be more consumption led," said Merit Janow, a professor of international trade and dean at Columbia University's School of International and Public Affairs, in an interview with Xinhua.

"But these are medium-term challenges for China," Janow said, "and so today's discussion amplified both where the progress is occurring as well as where some of the challenges remain to deal with a country's complexity," she said.

The one-day Next China event was co-hosted by SupChina, a digital media company focusing on China news and commentary, and China Institute, America's oldest educational institution devoted solely to Chinese culture, on Jan. 17 in New York City.

(Xinhua reporters in New York Zhang Yichi, Wang Naishui also contributed to the story)

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011100001369290561
彩神xl 大发app 凤凰彩票app 乐发iv游戏平台 凤凰彩票大厅 乐发彩票 乐发彩票app下载 大发彩票 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 凤凰彩票大厅 乐发官网 乐发ii下载入口 乐发ll 乐发v平台 乐发v官网 乐发lll 乐发lv入口 乐发iv首页 乐发ll登录 乐发lv 乐发lll安装 乐发lv 乐发登录入口 乐发iv游戏平台 凤凰彩票登录 网信彩票 彩神 彩神彩票官方网站 彩神彩票官网首页 彩神官方app下载安卓版 凤凰彩票登录 彩神v3 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 快3官网 网信彩票 快3app 网信彩票平台 百姓彩票平台 网信平台官网 快3app下载 百姓彩票 每日彩票 快3app 百姓彩票 每日彩票 快3app 百姓彩票平台 幸运5分彩快3 快3彩票app下载 百姓彩票网站网址 大发10分PK10 快3下载 网信彩票平台 网信平台官网 快3彩票官网app 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 大发彩票app下载 百姓彩票网站网址 彩神购彩平台 每日彩票 官方正规快三彩票平台 彩神彩票购彩平台 百姓彩票 凤凰彩票购彩平台 凤凰彩票app下载 彩神官方app下载安卓版 网信快三 一分快3 快三彩票购彩平台 凤凰彩票官方 彩神彩票 大发10分PK10 彩神v3 凤凰彩票登录 乐发lv 乐发∨Il 百姓彩票网站网址 乐发彩票 乐发彩票官方网站 乐发lll安装 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 一分快3 百姓彩票网站网址 凤凰彩票app下载 大发10分PK10 乐发2 乐发app 凤凰彩票 大发彩票app 乐发登录入口 乐发ll登录 乐发v官网 乐发官网 大发彩票app下载 凤凰彩票购彩平台 彩神彩票 官方正规快三彩票平台 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 乐发lll 乐发ii下载入口 乐发彩票官方网站 凤凰彩票官方网站 凤凰快3 彩神彩票官网首页 1分快三平台 百姓彩票平台 凤凰彩票登录 幸运5分彩快3 彩神 乐发彩票 乐发 大发彩票 乐发iv游戏平台 乐发lv 凤凰彩票app 乐发app 网信彩票平台 网信彩票平台 乐发iv游戏平台 凤凰彩票app 乐发lv 乐发彩票app下载 凤凰彩票app 网信彩票平台 乐发彩票app下载 乐发lv 乐发app 大发彩票安卓下载 大发彩票安卓下载 大发彩票 乐发彩票app下载 网信彩票平台 乐发iv游戏平台 彩神彩票 乐发彩票中心 极速快3彩票平台 人人快三凤凰 大发彩票app 大发彩票大全 乐发彩票 彩神彩票官方网站 乐发app 酷天堂彩票平台 凤凰彩票app下载 凤凰彩票大厅 凤凰彩票app 极速快3彩票平台 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 大发彩票app 网信彩票用户 百姓快三 百姓彩票平台 乐发lv 乐发彩票app下载 彩信平台 网信彩票 乐发彩票官方网站 乐发∨Il 人人快三凤凰 凤凰彩票 凤凰快3 乐发ll官网 乐发彩票中心 正规快三送彩金平台 凤凰彩票官方 乐发ll 乐发 网信彩票 彩神彩票 彩神彩票官方网站 人人快三凤凰 乐发彩票 彩神彩票 乐发iv游戏平台 乐发彩票 大发彩票中心 凤凰彩票登录 凤凰彩票app 彩神彩票 大发彩票 乐发ll 大发彩票app 凤凰快3 凤凰彩票 彩神彩票 乐发ll 凤凰彩票 乐发lll 凤凰彩票大厅 网信彩票 彩神彩票 乐发lv 快盈彩票 乐发彩票官方网站 盈彩网投资平台 大发官网 一分时时彩 乐发lv 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 大发彩票 极速快3 乐发app 彩神iv 大发彩票app 大小单双平台 一分pk10 乐发lv 快盈彩票 乐发官网 快彩彩票 百姓彩票 凤凰彩票大厅 网信彩票 乐发彩票中心 网信快3 乐发 彩神xl 三分快3 大发彩票 大发官网 乐发lll 快3平台 凤凰快3 乐发ll 全民彩票 乐发彩票官方网站 百姓彩票 乐发彩票 乐发彩票官方网站 大发彩票 乐发 分分快3 彩神vl 55世纪 55世纪 凤凰快3 乐发彩票 乐发lv welcome凤凰彩票 乐发ll 1分快3 彩神 彩神ll 1分快3官网 1分快3的平台 welcome凤凰彩票 三分快3 彩神x 彩神vl 凤凰彩票 彩神xl 大发彩票 凤凰彩票大厅 乐发官网 乐发ll 乐发lll 乐发lv 大发彩票app 大发彩票 乐发 乐发彩票 乐发彩票中心 凤凰快3 乐发彩票 彩神xl 腾讯快3 大发彩票 彩神xl 大发彩票 乐发彩票 大发彩票app 快3平台 乐发 1分快3 乐发彩票 彩神x 凤凰快3 彩神xl 彩吧助手 大发彩票app 快3平台 大发排列3 彩神iv 彩神vl 乐发IV 彩神x 一分pk10 大发排列3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 一分pk10 凤凰彩票 乐发Vll 大发官网 乐发ll 大发彩票 乐发1 凤凰快3 彩神vl 乐发lx 百姓彩票 乐发VI 彩神x 乐发IV 极速快3 乐发 凤凰快3 网信快3 乐发lv 快3彩票 乐发app下载 三分快3 快三平台助手 乐发彩票ll 彩神iv 乐发lll下载 盈彩网投资平台 乐发Ⅲ 凤凰彩票大厅 乐发lv 乐发lv 乐发lv 凤凰彩票 大发彩票 大发彩票 凤凰彩票 乐发lv 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 乐发ll 凤凰彩票app下载 凤凰彩票 凤凰彩票 乐发lv 彩神x 乐发 乐发ll 极速快3 乐发lv 乐发彩票中心 快3彩票 凤凰彩票大厅 彩神x 凤凰彩票app 分分快3 网信彩票 网盟彩票 凤凰彩票 百姓彩票 乐发 快彩彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 乐发彩票 快3平台 百姓彩票 大小单双平台 凤凰快3 彩神xl 一分pk10 乐发lv 三分快3 大发彩票 极速快3 乐发ll 网信彩票 乐发lv 全民彩票 凤凰彩票app下载 快盈彩票 大发彩票app 大发官网 凤凰彩票 彩神iv 大发彩票 网信快3 凤凰彩票 百姓彩票