The Chinese economy is showing strong resilience amid the current global economic uncertainty and has a clear policy direction mapped out, though key decisions must still be made to navigate through unforeseen developments in the short term, according to Achim Steiner, administrator of the United Nations Development Program (UNDP).
Steiner, who on Tuesday wraps up a week-long visit to China, discussed the country’s economic prospects in the face of worldwide disruptions during an exclusive interview with the China Global Television Network (CGTN) in Beijing.
"Many countries at the moment, including China, are going through a period where disruption and shocks are more pronounced than maybe in the ten years before. Some of this has to do with bilateral relations, some would have to do with economic disruptions, the financial crisis, the debt crisis. All of these have affected our overall economic progress, and that inevitably is reflected in domestic policies and also sometimes dilemmas," he said.
In spite of the global economic downturn, Steiner said China's economy is showing resilience, thanks largely to its scale, but said the government's policy decisions are still of vital importance in directing the country through the current difficulties.
"Now China is still in I think, a very privileged position, from the point of view that it is such a large economy, it can absorb some of those shocks. Having said that, I think, particularly in this moment of economic uncertainty, the policy decisions of government matter a great deal. [Questions such as] where is the stimulus package? In which direction should our next technology frontier go? How do we deal with the fact that there's a risk of leaving many people behind, particularly when job markets contract? These are difficult choices to make," said Steiner.
While China's economic policies have been effective in steering the country forward, the UN official believes that key decisions will still have to be made to map out the coming years and face a new set of unseen challenges.
"But I think China at the moment is still very clear in terms of the direction in which it is moving. But it has to adjust, in the short term, to developments that are perhaps sometimes unforeseen. I think we are about to enter a very intense period of thinking about the next five-year plan in China. I think this will be a key moment to, in a sense test all sorts of the assumptions about the future and where China will maintain direction and where maybe it will adjust directions," said Steiner.
Chinese economy shows resilience amid global economic uncertainty: UNDP Administrator
Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.
Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.
More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.
Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.
"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.
During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.
"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.
In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.
With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.
"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.
Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition
