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China’s economy unlikely to have hard landing: WEF report

Updated: Sep 30,2015 2:16 PM     Xinhua

Photo taken on Sept 1, 2015 shows a bulk cargo ship dock Lianyungang Port, East China’s Jiangsu province. China’s manufacturing purchasing managers’ index (PMI) for August came in at 49.7, down from 50 for July, according to data released on Sept 29 by the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing. [Photo/Xinhua]

GENEVA — A hard landing of the Chinese economy seems unlikely, although recent developments have cast some doubt on China’s economic prospects, according to the Global Competitiveness Report 2015-2016 released by the World Economic Forum (WEF) on Sept 30.

China has achieved near universal primary education and high levels of public health, invested massively in transport and energy infrastructure, and ensured a relatively stable macroeconomic environment, the report said.

These successes have not only contributed to China’s emergence as a manufacturing hub, but also represented assets for its further growth, added the report.

Meanwhile, WEF analysts said that an eventual slowdown of the Chinese economy was inevitable, predictable, and entirely normal, given China’s impressive growth trajectory over the past two decades.

“There are signs that the government has been preparing for the economy’s new phase and has been recalibrating its growth objectives from the quantitative to the qualitative,” the report said.