After a slow start, after opening up after COVID-19, China’s economy is showing slow signs of recovery this autumn, says Shanghai-based business analyst Ben Cavender in the state-owned China Daily.
China Daily:
According to the most recent data by the National Bureau of Statistics, China’s official manufacturing and nonmanufacturing purchasing managers indexes both improved in September to 50.2 and 51.7, respectively, from 49.7 and 51 in August. The figures were above the 50-point mark that separates contraction from growth.
Ben Cavender, managing director of the China Market Research Group, said the Chinese economy is moving toward stabilization and is starting to show some signs of recovery.
He emphasized that China’s enduring strengths lie in its substantial infrastructure and manufacturing ecosystems, which are not susceptible to rapid decline. “The government’s emphasis on fostering development of new high-tech industries should also help to create avenues of growth for the economy in the coming decade,” he said.
Nevertheless, Cavender pointed out that the country faces significant demographic challenges, necessitating ongoing efforts to address issues related to local government and corporate debt management. “Right now, the name of the game is stability and doing whatever possible to assure consumers and private businesses that spending and investment are not too risky now, as this would unlock the spending we need to see to get back to normal,” he said.
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