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He said the world’s second largest economy is facing different challenges after almost five decades of rapid growth following its reform and opening up process, including a property crisis and shrinking population, as well as rising tensions with the United States.
“China’s development is an enterprise that will take 100 years. It has shown that it can take a strategic perspective to maintain consistent policies and direction over the long term, riding through transient ups and downs in its development journey,” he said.
In particular, he said the country’s economy has “considerable capacity” to grow given its untapped potential in its workforce and higher productivity from an increasingly urbanised population.
“We must never underestimate the Chinese people’s determination for their nation to succeed and stand tall in the world. This is a driving ambition. Its impact cannot be captured in economic statistics, but it will make all the difference,” he said.