'New normal’ offers growth opportunities
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E-mail Xinhua, March 24, 2016
China, as the largest market for goods such as automobiles, cosmetics, food and large-screen displays, provides numerous business opportunities for global investors, Gabor said.
“China is full of opportunities under the backdrop of ‘new normal,’ ranging from restructuring to urbanization, but investors should be prepared and invest in fields that need upgrading,” said Zhang Shuyu, a researcher with the University of International Business and Economics.
Douglas Oberhelman, chairman and CEO of US construction and mining equipment producer Caterpillar, said China’s ongoing transition to slower but better growth will benefit multi-nationals.
No economy the size of China can sustain double-digit growth, and the transition to 6.5-7 percent growth is “very healthy,” he said.
Speaking of the 13th Five-Year (2016-2020) Plan, Oberhelman said: “What’s contained in that plan is very appropriate for the current times.” China’s pursuit of cleaner air will create business opportunities for Caterpillar, as it can produce a broad range of environment-friendly machines, he said.
Despite the current slowdown, China is still growing twice as fast as the global average, he said, adding that a growth rate of 6.5-7 percent for the next five years will require more investment.
Zhu Min, IMF’s deputy managing director, said in January that China’s economic transformation was not fully understood. He suggested that the Chinese government increase transparency and launch publicity campaigns to let the world know about the changes under way in the country’s economy. Besides, the outside world has to understand the problems China has encountered in the process of its economic transformation.
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