14 March 2016
China’s 13th Five-Year Plan (2016-2020), which experts see critical in tiding the country through a transition period, will create more opportunities for sustainable growth within and beyond its borders.
China’s economy experiences different phases of its development cycle. It is now shifting its focus to consumption and service industries from heavy polluting industries and manufacturing via complex reforms, the experts said.
A natural result of the transition is lower yet sustainable and balanced growth, and it continues to create development opportunities for the world, they said.
“The world simply can’t do without China,” said Oh Ei Sun, senior fellow with S. Rajaratnam School of International Studies, Nanyang Technological University.
Unstable U.S. economy and continued depression in Europe have protruded China’s position as a locomotive of the world economy, said Oh, who is also former political advisor to Malaysian Prime Minister Najib Razak.
Oh said the transition period provides China with a superb chance to upgrade its economic development, which he believed will also benefit the rest of the world.
Many countries, especially those in South East Asia, hope to have deeper trade interactions with China, said Oh, adding that ASEAN members desire to have more cooperation based on free trade deals with China.
RSIS / Online
Last updated on 15/03/2016