BEIJING – China’s financial system is well-positioned to keep up its optimistic development trajectory, supported by its robust workforce and vibrant enterprises, stated Albert Park, chief economist of the Asian Growth Financial institution (ADB), in a latest interview with Xinhua.
“The Chinese language financial system has super capabilities when it comes to the skills of the workforce, the flexibility of its main corporations and the flexibility of many enterprises across the nation,” stated Park whereas attending the East Asia Discussion board 2025 and Speak China Seminar in Beijing. He expressed confidence within the resilience of China’s financial system, although it’s going through some challenges.
Park welcomed the Chinese language authorities’s latest incremental insurance policies aimed toward stimulating the financial system. “The federal government’s emphasis on boosting consumption within the financial system is a extremely good sign,” he stated, including that it is essential to “maintain pushing ahead in that path.”
He highlighted that measures equivalent to redistributing sources to low-income households and strengthening social safety applications cannot solely spur consumption but in addition construct a extra sturdy social security web.
The economist additionally pointed to a notable rebound in investor sentiment towards Chinese language equities, attributing it to China’s acknowledged technological management in digitalization and synthetic intelligence (AI), in addition to larger confidence that the US-China relationship will grow to be extra steady and higher managed.
“Decreased geopolitical uncertainty could also be encouraging extra funding into China, which nonetheless is an financial system that’s rising at an honest tempo,” he stated.
On the seminar, themed “Harnessing AI to Promote Excessive-High quality Growth,” Park praised China’s “AI Plus” initiative for its potential to deeply combine AI throughout society and drive financial development.
“China possesses an entire ecosystem for AI’s growth,” he stated, including that the nation is clearly a world chief within the AI discipline when it comes to semiconductor manufacturing worth chain, information facilities, and enormous language fashions.
Park additionally underscored China’s energetic function in shaping world AI governance frameworks and selling worldwide cooperation.
Citing an ADB report launched in Could titled “Harnessing Digital Transformation for Good,” he emphasised that AI will convey super alternatives for low-income international locations, and urged efforts to strengthen good digital infrastructure and workforce coaching on digital abilities.
“The ADB is basically specializing in that entrance to assist growing international locations all through Asia understand alternatives led to by AI,” he added.
