Canberra – Australian experts are talking about China’s economy growth in the first quarter of this year, saying that China’s domestic economic potential is huge.
James Laurenson, deputy director of the Australian-Chinese Relations Institute (ACRI) at the University of Technology, Sydney, said: “This growth is reliable and perhaps surprising.”
“The booming retail industry is very prominent. This is crucial as China moves to consumption-led growth,” he said.
The China’s economy started well in 2019 as more indicators showed stable positive signs in the first quarter of this year (first quarter).
According to the National Bureau of Statistics, the Chinese economy exceeded market expectations in the first quarter, up 6.4% year-on-year, which was in line with GDP growth in the previous quarter.
The steady expansion was mainly attributable to the 8.3% increase in retail sales of consumer goods, accounting for 65.1% of quarterly GDP, which was one of the main indicators of better than expected.
Laurenson is the former chairman of the Australian China Economics Association and he sees the potential of the Chinese economy.
“This can be unlocked through further openness and market reforms,” he said.
Dr. Shi Xunpeng, ACRI’s Principal Investigator, said that growth rates are “good news” for China and the world.
