Growth: Import scene remains promising

recovery in the domestic market has stayed steady, and a 10 percent growth is expected by the end of this year,” said Zhang.

Despite some negative factors, there is still a strong push for exports as Europe, the US and Japan have seen their economy picking up. It is highly likely to achieve an 8 percent growth in exports by the end of this year, experts said.

“China is no longer betting on exports to drive up the economy, cultivating new growth points in technology upgrades, stimulation to domestic consumption and adequate investments in fast-growing sectors in global investment destinations — they have all become indispensable parts for the country to boost its economy,” said Wang Huiyao, president of the Center for China and Globalization.

Simultaneously, China is stimulating growth by focusing on supply-side reform. Its efforts in this endeavor can be of great benefit for countries worldwide that are striving to get their sluggish economies back on track.

The reform is aimed at cutting low-end industrial capacity while increasing high-tech production and cultivating new market growth points.

Wang said the services sector has become an important driver of China’s economic growth and has great significance for the next step in ecoServices nomic restructuring.

Toward this end, China and Brazil signed a memorandum of understanding in August to diversify services trade to upgrade their commerce structure from commodity and goods exchanges.

trade refers to the sale and delivery of an intangible product, such as tourism, financial services and telecommunications services.

Eager to enhance their earning ability in the Chinese mainland, US companies are adopting new strategies. For instance, US-based coffee chain Starbucks Corp plans to open 500 stores this year in China, its largest overseas market, and aims to create 10,000 jobs a year until 2019.

Uber Technologies Inc, the ride-hailing company based in the US, has also committed to invest $1 billion in China to diversify its business, which ranges from transportation services to automotive financing.

China is no longer betting on exports to drive up the economy . . .”

Wang Huiyao,