ISTANBUL: The Chinese economy remains dynamic despite global challenges, said Selcuk Colakoglu, director of the Ankara-based Turkish Centre for Asia-Pacific Studies.
Colakoglu highlighted China’s strong economic performance, noting the positive diversification reflected in maintaining low inflation and achieving economic growth above the global average, reported Xinhua.
He expressed optimism about China’s dynamic economic growth, saying it would not be surprising to see China outperform other countries in 2024, with more positive outcomes than the world average.
“China has a good record for economic transformation from labour-intensive manufacturing to more value-added and high-tech growth. In that regard, China is focusing on high-quality development,” said Colakoglu.
“So that means green development and the transformation of industries to be in a more environmentally friendly atmosphere,” he continued.
The automobile industry in China has been successfully transformed with the introduction of more electric vehicles, said Colakoglu. Additionally, China has made significant strides in developing its solar power industry.
“In that regard, the Chinese experience is significant in transforming its economy to use more renewable energies.”
“Also, China can transfer this experience, know-how, and technology to other developed and developing countries in the global North and South.”
The annual Central Economic Work Conference was held in Beijing on Monday and Tuesday and mapped out economic policy priorities for 2024.
“When we look at the outcomes of the conference, these are, of course, certain commitments for supporting economic globalisation and for economic integrations with other countries,” Colakoglu noted.
According to the expert, under the principles of China’s Global Development Initiative, China will share its economic experience with other countries and promote economic development on a global scale.
He also believes that China will remain a hotspot for foreign investment.
“Low production costs, high labour efficiency, and very efficient infrastructure are the main strengths for the Chinese economy to attract more foreign investments,” Colakoglu said. – BERNAMA-XINHUA
