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Data show initial success of China’s economic transformation

Updated: Jan 27,2016 9:28 AM

China’s economic data in 2015 show that its economic transformation is starting to take effect and its industrial structure is becoming healthier, said a Russian expert.

“Based on the various economic data, we can see the efforts made by the Chinese government in adjusting economic development modes,” Eugeny Bazhanov, director of the Diplomatic Academy of the Russian Foreign Ministry, told Economic Daily. “China is undergoing economic transformation. It will still be the major driving force for world economic growth.”

It is not easy for China to maintain a growth rate of 6.9 percent amid the backdrop of global economic downturn and various domestic challenges, he said.

The Russian expert pointed out that the slowdown in industrial development reflects the initial success of China’s economic transformation.

Although the added value of the high-tech industry can hardly offset the impact of a slowdown in traditional industry, it shows the firm determination of the Chinese government to adhere to green and sustainable development, said Bazhanov.

He added that China’s industrial structure is becoming healthier as the service industry grew by 8.2 percent and the tertiary industry for the first time accounted for more than half of GDP, reaching 50.5 percent.

The increasing personal income and the large number of new jobs created also show a healthy development of China’s economy, he said.

Looking ahead to 2016, Bazhanov suggested China focus on exploiting the domestic market and developing science and technologies.

“To stimulate the domestic market, China needs to improve people’s welfare in areas such as housing, education, food safety and medical insurance,” he said.