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"New Normal" means slower but more qualitative economic growth: EUCCC

2015-September-17       Source: Newsgd.com

"The Chinese leadership's most pressing issue now is how to move ahead with the promised reforms that will right an unbalanced economy and solve the systemic issues that risk derailing its economic transformation."

Jörg Wuttke, President of European Union Chamber of Commerce in China, delivered a speech at the launch event of European Business in China - Position Paper 2015/2016 in Guangzhou on September 17. (Photo by Chan)


The European Union Chamber of Commerce in China published its European Business in China - Position Paper 2015/2016 (Position Paper) on September 15 in Guangzhou. The paper said the reality of China's economy towards the ‘New Normal', which will be an era characterized by lower, but more qualitative economic growth.

China's statistics authority on September 7 lowered the country's growth rate for 2014 to 7.3 percent based on its preliminary verification, according to Xinhua. The Position Paper believes the reason of slowing economy are many including the misallocation of capital, an unproductive state-sector, lower external demand, less favorable demographics, a heavily-controlled regulatory environment, as well as the natural trajectory of moving up from a low base over the last 30 years.

According to the Position Paper, the European business have realized the efforts that the Chinese government have made in improving the business environment since the Third Plenum in 2013. Steps are encouraging to business like the introduction and subsequent reduction of ‘negative list'; the progress on the Comprehensive Agreement on Investment as well as the increase in China's Free Trade Zones, they believe these should all bode well for EU - China commercial relations.

However, aware of economic challenges, this year's Position Paper outlines the European Chamber's view that China's leadership must take action now to implement market-orientated policies if the country is to maintain moderately high levels of economic growth.

Jörg Wuttke, President of European Union Chamber of Commerce in China, spoke to the press at Tuesday's publication event, "The Chinese leadership's most pressing issue now is how to move ahead with the promised reforms that will right an unbalanced economy and solve the systemic issues that risk derailing its economic transformation."

The European Business in China - Position Paper is the European Chamber's primary annual publication. This 15th annual edition of the Position Paper offers Chinese policy-makers over 800 recommendations that draw directly from the knowledge and expertise of the European Chamber's nearly 1,800 member companies.

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Editor: Chan

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