By Liu Zhihua | chinadaily.com.cn | Updated: 2024-03-20 18:01

Despite multiple headwinds facing the economy, including demographic change, weak global demand and an unpredictable international environment, China's economy still can achieve moderate growth and offer opportunities for enterprises given that it focuses on pragmatic policymaking; emerging technologies; and structural reforms, experts and business leaders said at the CEIBS Innovation Forum Beijing held on Tuesday.

The international forum, hosted by China Europe International Business School (CEIBS) with support from the European Chamber of Commerce in China, the China Britain Business Council, and Caixin Insight, aimed to provide a balanced and pragmatic look at the country's economic outlook for enterprises and investors.

In a welcome speech, Bala Ramasamy, professor of economics, associate dean and director of the GEMBA Programme at CEIBS, said: "Despite the headwinds that China faces, there is no reason that smart enterprises cannot adapt and continue finding success here."

Liu Shijin, deputy director of the Committee on Economic Affairs of the 13th National Committee of the Chinese People's Political Consultative Conference and former deputy director of the Development Research Center of the State Council, delivered a keynote speech on the theme, "Structural Reform and Tapping into New Growth Potential: Deepening Stable Growth and Promoting Transformation." He pointed out that China's economic development and steady growth must be based on exploring two specific new growth potentials: "catch up" potential, i.e. the potential to lessen the gap between itself and developed countries; and the digital/green potential spawned by new technology, exemplified by the so-called "New Three": solar cells, lithium batteries, and electric vehicles.

In addition, Liu stressed the importance of structural reforms, including increasing per capita income, providing more basic social services, investment in human capital, housing registration reform, integrating rural and urban development, nurturing China's entrepreneurial spirit, and adjusting classification of companies from the enterprise level to the investment level as potential avenues, for pursuing stable growth in China's economy.

In another keynote speech, Xu Bin, professor of economics and finance at CEIBS and Wu Jinglian Chair of Economics, said that the fundamental strengths of China's economy remain sound despite temporary difficulties, and spoke highly of the efficiency derived from a highly competitive culture, entrepreneurship and pragmatism.

A positive outcome for China's economy is dependent on the vitality of China's private sector and the pragmatism of its leaders, noting that the indigenous ingenuity of Chinese companies and the country's entrepreneurial population presented reasons for enterprises to still see opportunity in the country, he said.

A panel discussion, hosted by Ramasamy and featuring business executives from organizations and companies including VT Industrial Technology, Kidsland International Holdings Ltd, BDR Thermea Group China and the MNC Forum for Carbon Neutrality (MNC50), discussed topics such as near-term opportunities and challenges for the Chinese economy, geopolitical effects on the business landscape in China, and more.