This photo taken on March 1, 2023 shows a smart manufacturing base of Great Wall Motors (GWM) in Yongchuan County, southwest China's Chongqing. (Xinhua/Huang Wei)
“China has a good track record of economic transformation from labor-intensive manufacturing to more value-added and high-tech growth. In this regard, China is focusing on high-quality development,” said Selcuk Colakoglu, director of the Ankara-based Turkish Center for Asia-Pacific Studies.
ISTANBUL, Dec. 21 (Xinhua) — China's economy remains dynamic despite global challenges, said Selcuk Colakoglu, director of the Ankara-based Turkish Center for Asia-Pacific Studies.
Colakoglu highlighted China's strong economic performance and pointed to positive diversification reflected in maintaining low inflation and achieving economic growth above the global average.
Expressing optimism about China's dynamic economic growth, he said it would not be surprising if China outperformed other countries in 2024 and achieved more positive results than the world average.
“China has a good track record of economic transformation from labor-intensive manufacturing to more value-added and high-tech growth. In this regard, China focuses on high-quality development,” Colakoglu said.
“So this means green development and transforming the industry into a more environmentally friendly atmosphere,” he continued.
Photo taken on May 17, 2022 shows a view of the automated container terminal of Shanghai Yangshan Deep Water Port in east China's Shanghai. (Xinhua/Ding Ting)
The automotive industry in China has successfully transformed itself by introducing more electric vehicles, said Colakoglu. In addition, China has made significant progress in developing its solar energy industry. “In this regard, China’s experience in transitioning its economy to greater use of renewable energy is important.”
“In addition, China can transfer this experience, know-how and technology to other developed and developing countries in the global North and South.”
Last week, the annual Central Economic Work Conference was held in Beijing to set economic policy priorities for 2024.
“Of course, if we look at the results of the conference, they are certain commitments to support economic globalization and economic integration with other countries,” Colakoglu noted.
According to the expert, within the framework of the principles of China's global development initiative, China will share its economic experience with other countries and promote economic development at the global level.
He also believes China will remain a hotspot for foreign investment.
“Low production costs, high labor efficiency and very efficient infrastructure are the main strengths of the Chinese economy to attract more foreign investment,” Colakoglu said.■
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