Global investors bullish on China's economic future, highlights AI, clean energy

International capital and corporate leaders expressed confidence in China's economic trajectory and investment potential in a recent panel discussion of "Dialogue", a flagship program of China Central Television (CCTV)'s finance channel.

Steven Alan Barnett, Senior Resident Representative in China of International Monetary Fund and Jim Rogers, the renowned American investor, shared optimistic views on China's growth prospects.

Barnett emphasized the critical role of China's ongoing market-based reforms in potentially raising income levels significantly over the coming years.

"How fast China can grow over the medium term is actually going to depend on the reforms that China does. So, we have a baseline forecast where growth in China is okay, above average by the end of the ten years out, five years out, above average for a country of its income level. But we have another scenario where China continues to pursue market-based reforms. And in that scenario, fifteen years down the road, the level of income in China is 18 percent higher. Eighteen percent higher income in China is huge for the global economy. So, that being a good two-handed economist, the answer is it really depends. It depends on the kind of reforms we get in China. Our research shows that every one percentage point faster China grows, over the medium term on average, other economies' GDP is 0.3 percent higher. This just underscores that faster growth in China is good for China, and it's also good for global demand," said Barnett.

Rogers expressed unwavering confidence in China's trajectory, foreseeing its leadership across various industries, including artificial intelligence.

"We've been sitting here at the end of the nineteenth century, most people in Europe thought that the United States did not have much of a future, and they thought that the future lay elsewhere. Many people still are very skeptical about China and the future of China. Not me. I know what's going to happen. And a hundred years from now, fifty years from now, China is going to be leading the world in whatever, whatever industries you have. Yes, artificial intelligence. But China is cranking out tens of thousands of engineers every year. China is the only country in history that has been on top three or four times, and it's happening again," said Rogers.

The discussion also highlighted burgeoning sectors for investment in China, particularly emphasizing the increasing significance of clean energy and green development.

"For European companies that want to invest here and that want to go carbon neutral, again, aligned with China's goals as well, they need access to green electricity. One of the most important things, and China is producing it. Again, a powerhouse in solar energy and all that, but it's not evenly distributed in China; a lot of it is in western China, and a lot of the needs are in eastern China. And so being able to coordinate the delivery of green energy within China so that companies like BMW and BASF can get it is extremely important for them to realize their own corporate goals of going carbon neutral, to meet the EU's goals and China's goals as well. So again, we're all in the same boat here. In that regard, I know some of these companies are actually forming joint ventures to create renewable energy projects in China because there is such demand for that energy. So I guess if I have to pick one, I'd pick clean energy. There you go," said Adam Dunnett, secretary general of European Union Chamber of Commerce in China.

Jonathan Krane, founder and chief executive officer of KraneShares, an investment firm specializing in China and climate-focused exchange traded funds, reaffirmed the long-term investment potential in China, particularly in artificial intelligence and clean energy.

"We're really the first U.S. asset manager to 100 percent focus on China and all the opportunities. So, we're long-term believers in the growth of China, and we think China is a very important part of all global portfolios. And looking at all of these areas to invest, we actually today invest in many of them today, if not all of them. You know, China has many advantages in these areas, and I'll highlight a few. Artificial intelligence is one of them; artificial intelligence is actually based on data, and China can create a lot of data here with 1.4 billion consumers. Another one to highlight is anything to do with clean energy and climate. There's been a lot of investment and focus in government policy around it. China is taking a leadership in around clean energy and I think continues to be a leader there," said Krane.

Global investors bullish on China's economic future, highlights AI, clean energy

China has seen a tourism boom in the first five days of the week-long National Day holiday, as people seize the opportunity to embrace natural and cultural attractions nationwide.

From Oct 1 to 5, Beijing received 20.5392 million tourists, including 10.8615 million tourists from other Chinese cities and 46,800 inbound tourists. Key scenic spots of the Chinese capital, including the Wangfujing Street, the Temple of Heaven Park, the Summer Palace, Nanluoguxiang, and Badaling Great Wall, were crowded with people during the holiday.

In east China's Jiangxi Province, many tourists choose to climb mountains, or walk into the countryside to feel the charm of nature. In the first five days of the National Day holiday, Sanqingshan Scenic Area, a world natural heritage site in the province's Shangrao City, received more than 600,000 tourists, an increase of 25.6 percent over last year.

"The scenery, stones and mountains are just like traditional Chinese ink paintings, with a particularly beautiful artistic conception," said Liu Hao, a tourist.

While waiting to enter the park at the foot of the mountain, tourists watched the She people's performances with rich ethnic minority style, and the children enthusiastically participated in colorful games.

"Although there are a lot of people, everyone line up in an orderly manner and there are places to sit," said Zou Wenhao, another tourist.

As of Sunday, the total number of visitors to the Mount Taishan, a UNESCO world heritage site in east China's Shandong Province, has exceeded 7 million this year. From Oct. 2 to 5, the number of tourists at the scenic spot exceeded 73,000 per day for four consecutive days, and the number reached a peak of 82,000 on Oct. 3.

Tourists can not only enjoy the beautiful scenery of Mount Taishan, but also taste various delicious food such as Taishan fried chicken and sweet and sour Yellow River carp in the nearby food street.

Chinese cities enjoy tourism boom during National Day holiday