Chinese media may be contributing to China's slowing economy. (Photo : Getty Images)
China is restructuring its economy for the better, something that could prove as a global model for nations looking to mimic its path to development.
A report from the Xinhua News Agency revealed how China's economic reform puts the Middle Kingdom in a "sustainable growth path" as described by the Boston Consulting Group (BCG) Chairman Hans-Paul Burkner.
This, says China Daily, brings up the possibility of the Asian giant providing an ideal model of economy especially for third world nations that look to reforms to achieve economic growth.
China's Economic Reform
An August report from the Xinhua News Agency revealed how China's economy is stable but coming out slightly lower in July than what was expected for the period.
According to the report, the fixed-asset investment growth dropped to 8.1 percent between January and July 2016 which is the lowest growth rate it recorded by the National Bureau of Statistics (NBS) for a decade.
Sheng Laiyun, a spokesperson from NBS said that China's economic restructuring is at a "crucial stage" at the time as the economic growth maintained a steady 6.7 percent in Q2 2016 which is the lowest it has been since 2009's global financial crisis.
However, the report said that that is still within the Chinese government's target range which is between 6.5 and 7 percent for 2016.
Global Economic Model
Now, China caught the attention of BCG chairman who told Xinhua that the country's growth is looking so good it could provide a great economic model for other countries.
"In the long run, we believe reforms will improve the health of the Chinese economy. Ultimately, this (economic restructuring and rebalancing) will put China on a more sustainable growth path, and will help solidify its role as a main economic driver in the global economy," Burkner stated.
Speaking of the upcoming G20 Leaders' Summit this September, Burkner is optimistic that China will pull through and come out as a significant factor in the development of global economy.
"As China plays an increasingly important role on the global stage, we expect to see increasing Chinese leadership in the G20 to define a joint vision and to initiate actions for the global economic agenda," he added.
Echoing Burkner's opinion, Chinese Academy of Social Sciences' Institute of Quantitative and Technical Economics researcher Wang Xiangyu said that at the rate China is improving after the slowdown, there is a good chance that the country would emerge successful.
"I'm quite confident China will accomplish its restructuring agenda since it has become quite resilient now," Wang told China Daily.
