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Economist optimistic about China's economy

chinadaily.com.cn| Updated: March 4, 2024 L M S

In the face of occasional skepticism abroad regarding the trajectory of the Chinese economy, Otton Solis, a distinguished professor at the Instituto Empresarial University in Spain and a special advisor to the president of Costa Rica from 2018-22, has emerged as a staunch advocate for China’s economic potential, articulating his unwavering confidence in its future prospects.

“I think the future of China’s economy is very optimistic,” Solis said, emphasizing the considerable leeway for expenditure expansion because of the country’s remarkably low public debt-to-GDP ratio and rich savings .

Moreover, Solis underscored China’s unique advantages, which distinguish it from any other country, including its expansive domestic market and pragmatic approach to decision-making. “It is going to overcome the problems of its real estate, financial stress because it has the tools and the ideological flexibility to do it,” he said.

Yet, beneath the surface of Western apprehension toward China’s economic prowess lies a complex interplay of economic and political motives. Certain nations perceive China as a formidable competitor, encroaching upon global markets, while others harbor ideological anxieties, fearing that the success of a communist regime may undermine the principles of capitalism.

Nevertheless, Solis sought to dispel such notions, highlighting the vibrancy of China’s private sector as a testament to the nation’s economic dynamism. China has an extremely dynamic private sector, where the dynamism in China could be easily felt, he asserted.

As the discourse surrounding China’s economic trajectory continues to evolve, voices like Solis’ offer a nuanced perspective that challenges prevailing narratives, emphasizing the resilience and potential of the world’s second-largest economy.