Why should there be confidence in the Chinese economy?

"The Chinese economy is not a pond, but an ocean." - Chinese President Xi Jinping

When you talk about the future of the Chinese economy, you have every reason to be confident. The fundamentals for sound and stable growth of the Chinese economy remain unchanged. The necessary production factors for high-quality development remain unchanged. And the overall momentum of long-term stability and progress remains unchanged. China's capacity for macro-economic regulation is growing, as efforts to deepen reform across the board have unleashed new drivers of growth. With the Belt and Road Initiative (BRI) being further implemented, two-way investment and trade between China and the BRI partner countries have continued to gather pace. All in all, the favorable conditions are in place for the long-term, healthy and steady growth of the Chinese economy.

The economic situation at home and abroad has created some significant challenges for the Chinese economy, such as more uncertainty in some sectors, more difficulties for some enterprises and growing risks in certain sectors. These challenges, generally speaking, are natural in the course of development. And we are taking active steps to solve them. Our efforts are already paying off.

China is the world's second largest economy. We have a market of more than 1.3 billion consumers who live on the land of over 9.6 million square kilometers. To use a metaphor, the Chinese economy is not a pond, but an ocean. The ocean may have its calm days, but big winds and storms are only to be expected. Without them, the ocean wouldn't be what it is. Big winds and storms may upset a pond, but never an ocean. Having experienced numerous winds and storms, the ocean will still be there! It is the same for China. After going through 5,000 years of trials and tribulations, China is still here! Looking ahead, China will always be here to stay!

I am convinced that as long as we have strategic confidence, deepen reform and opening-up across the board, intensify supply-side structural reforms and make greater efforts to solve outstanding problems, then the Chinese economy will surely make a quicker transition to high-quality development, the Chinese people will surely overcome all challenges coming our way, and China will surely embrace a brighter future of development.

Source: Extract from Xi Jinping's keynote speech at the opening ceremony of the first China International Import Expo in Shanghai, China, November 5, 2018.