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ATAHK reads from “CCTV.com” that On the opening day of this year’s World Economic Forum in Tianjin, China’s economic outlook is taking center stage.
How to upgrade the country’s industrial value chain, revising monetary policy and how to boost investment and innovation are at the top of the agenda.
The forum’s participants are also discussing how China’s growth trajectory will impact the rest of the world.
"China’s official growth target for 2014 is 7.5 percent, and the government has been trying to steer the economy away from investment- and export-driven growth towards consumption-led activity," Standard Chartered CEO Jerry Zhang said.
Analysts have recommended that monetary policy needs to be loosened more.
"The global lender’s projections this year are almost in line with the government’s forecast, predicting real GDP growth of 7.4 percent. However, the IMF expects expansion to ease to 7.1 percent in 2015," IMF Sen. resident representative Alfred Schipke said.
China’s economy has had a bumpy ride this year. Although growth rebounded slightly in the second quarter from an 18-month low, tepid domestic demand and a cooling housing market are weighing in. Over the next 3 days at the World Economic Forum, participants will discuss new ways to support the domestic economy.