Expectations for Chinese economy improve significantly: German institute

BERLIN — The expectations for China's economy in the coming 12 months continue to improve significantly, German economic research institute Center for European Economic Research (ZEW) reported on Tuesday.

The ZEW indicator, which reflects the expectations of international financial market experts regarding China's macroeconomic development, has climbed from 0.0 point in August to 8.3 points in September, above the long-term average of 5.1 points.

In addition, the expected growth rate of China's economy for 2018 have also increased from 6.6 percent to a current reading of 6.7 percent, while the forecast for 2017 remains unchanged at 6.8 percent.

According to ZEW expert Michael Schroeder, the assessment of the current economic situation has once again improved and currently stands at 25.0 points, the highest value recorded since the survey began.

"All in all, the outlook for the Chinese economy has improved significantly over the last few months and stabilized at a relatively high level. A year ago, there were still fears that Chinese economic growth would weaken considerably, posing a threat to the global economy. These fears seem to have faded further into the background," Schroeder said.

The Chinese economy grew 6.9 percent in the second quarter of 2017, flat with the previous quarter and above the government's annual target of around 6.5 percent.