Interview: Chinese economy remains dynamic despite global challenges, says scholar

This aerial photo taken on Nov. 16, 2023 shows the Dingdongpo wind power-photovoltaic project in Shiqian County of Tongren City, southwest China's Guizhou Province. (Xinhua/Yang Wenbin)

"China has a good record for economic transformation from labor-intensive manufacturing to more value-added and high-tech growth. In that regard, China is focusing on high-quality development," said Selcuk Colakoglu, director of the Ankara-based Turkish Center for Asia-Pacific Studies.

ISTANBUL, Dec. 17 (Xinhua) -- The Chinese economy remains dynamic despite global challenges, Selcuk Colakoglu, director of the Ankara-based Turkish Center for Asia-Pacific Studies, has said.

Colakoglu highlighted China's strong economic performance, noting the positive diversification reflected in maintaining low inflation and achieving economic growth above the global average.

He expressed optimism about China's dynamic economic growth, saying it would not be surprising to see China outperform other countries in 2024, with more positive outcomes than the world average.

Staff members handle parcels at an express mail distribution center of China Post Group Co., Ltd. in Daoxian County, central China's Hunan Province, Nov. 12, 2023. (Photo by He Hongfu/Xinhua)

"China has a good record for economic transformation from labor-intensive manufacturing to more value-added and high-tech growth. In that regard, China is focusing on high-quality development," said Colakoglu.

"So that means green development and the transformation of industries to be in a more environmentally friendly atmosphere," he continued.

The automobile industry in China has been successfully transformed with the introduction of more electric vehicles, said Colakoglu. Additionally, China has made significant strides in developing its solar power industry. "In that regard, the Chinese experience is significant in transforming its economy to use more renewable energies."

"Also, China can transfer this experience, know-how, and technology to other developed and developing countries in the global North and South."

A visitor experiences the Luxeed S7 car exhibited at the 21st Guangzhou International Automobile Exhibition in Guangzhou, south China's Guangdong Province, Nov. 17, 2023. (Xinhua/Liu Dawei)

The annual Central Economic Work Conference was held in Beijing on Monday and Tuesday and mapped out economic policy priorities for 2024.

"When we look at the outcomes of the conference, these are, of course, certain commitments for supporting economic globalization and for economic integrations with other countries," Colakoglu noted.

According to the expert, under the principles of China's Global Development Initiative, China will share its economic experience with other countries and promote economic development on a global scale.

Tourists check out in a duty-free shopping mall in Sanya, south China's Hainan Province, Sept. 30, 2023. (Xinhua/Guo Cheng)

He also believes that China will remain a hotspot for foreign investment.

"Low production costs, high labor efficiency, and very efficient infrastructure are the main strengths for the Chinese economy to attract more foreign investments," Colakoglu said.