CANBERRA - China's domestic economy has enormous potential, said Australian experts while talking about China's buoyant economic growth for the first quarter of this year.
A panoramic sunrise view of the Bund along the Huangpu River in Puxi and
the Lujiazui Financial District in Shanghai's Pudong New Area, Aug 20, 2018. [Photo/IC]
"The growth was solid and perhaps surprising," said James Laurenceson, deputy director of the Australia-China Relations Institute (ACRI) at the University of Technology Sydney.
"The buoyancy of retail sales was a standout. This is crucial as China transitions to consumption-driven growth," he said.
The Chinese economy got off to a good start in 2019 as more indicators showed positive signs of stabilization for the first quarter (Q1) of this year.
China's economy beat market expectations to advance 6.4 percent year-on-year in Q1, remaining flat with the GDP expansion in the previous quarter, according to data from the National Bureau of Statistics.
The sturdy expansion was mainly driven by a striking 8.3-percent growth in retail sales of consumer goods year-on-year, which constitutes an overwhelming 65.1 percent in the quarterly GDP, among major indicators that fared better than expectations.
Laurenceson, who was former president of the Chinese Economics Society of Australia, saw potential in China's economy.
"This can be unlocked with further opening up and market reform," he said.
Dr Shi Xunpeng, principal research fellow at the ACRI, said the growth rate is "good news for both China and the world."
About CHINA MINING
Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.
CHINA MINING Conference and Exhibition 2018 Was held at Meijiang Convention and Exhibition Center in Tianjin in October 18-20, 2018. We invite you to join the event and to celebrate the 20th anniversary of CHINA MINING with us. For more information about CHINA MINING 2018, please visit: m.balanzskin.com.
