Economist shares insights behind confidence in China's growth

LONDON - John Ross, a British economist and former director of economic and business policy for the mayor of London, has said China's economy remains fundamentally strong due to its high investment efficiency and continuous growth in research and development spending.

In an interview with Xinhua on Friday, Ross, a senior fellow of Chongyang Institute for Financial Studies at Renmin University of China, expressed confidence that China's economy would maintain steady growth.

Ross noted that the country's GDP grew 5.3 percent year-on-year in the first half of this year, reflecting solid macroeconomic fundamentals.

"China maintains high investment efficiency and continuously boosts R&D investment while advancing technological upgrades," he said, adding that "as long as these fundamentals remain stable, there is no reason why China cannot sustain its current pace of successful growth."

Citing data from the Organization for Economic Co-operation and Development, Ross pointed out that China's R&D spending accounts for 2.6 percent of its GDP in 2023, the highest among all developing economies and exceeding that of several Group of Seven countries, including Canada, Italy and France.

China has "become a technological leader, not a follower, in a series of industries, such as drones, some fields of artificial intelligence and battery technology," he said.

Regarding China's high-level opening-up, Ross emphasized that China is the world's largest trading nation in goods and "a key force in globalization."

He praised China's zero-tariff treatment for least developed countries with which it has diplomatic relations, calling it a "significant" gesture that will not go unnoticed internationally.

"China's opening up is very important for consolidating its global position," he added.