Experts see great opportunities in China's economic future

The Belt & Road Brand Expo in Shanghai, June 30, 2018. [Photo/IC]

LONDON - China's economy will embrace a promising future, and that means great opportunities for the whole world, experts said Thursday at a conference hosted by British world-leading think tank Chatham House, the Royal Institute of International Affairs.

The conference, China's Economic Future -- Emerging challenges at home and abroad, brought together experts and business leaders from China, Britain, the United States, Australia, Italy and other countries.

In the sessions of the one-day event, experts and other attendees focused on the opportunities and challenges for China's future economy, economic reform, approaches to global economic diplomacy and technology-led industrial transformation.

Jim O'Neill, chair of Chatham House and renowned British economist, believed what happens to the Chinese consumers is "way more important for the world economy" than anything else. He pointed out that, in next decade, if Chinese consumers continue to create as high gross domestic product (GDP) as in this decade, it will create an additional $10 trillion with the nominal GDP.

He also stressed the significance of the Belt and Road Initiative (BRI), saying that it is "obviously extremely important."

The BRI is one of the most popular topics among experts at the conference.

"I think there is now very clear sustainable development agenda for BRI," said James Sassoon, chairman of the China-Britain Business Council (CBBC), who emphasized the importance of BRI opportunities for CBBC members as well as the British government.

Experts also discussed the opportunities from other projects in China such as the Greater Bay Area, which they believed will bring huge business opportunities not only for China's Guangdong province, Hong Kong and Macao, but also for foreign companies.

Referring to the innovation development in China, George Yip, emeritus professor of Marketing and Strategy at Imperial College Business School, noted that Chinese companies have four advantages for technology innovation, including the funding system of research and development, the lower-cost labor market, the fast-growing domestic market with technology-oriented consumers and good financial status.