Interview: Economist says China in position to confront challenges

CAIRO, July 13 (Xinhua) -- China has a tremendous ability to face challenges and achieve economic development, an economist has said.

China aims to "achieve economic development for itself and the countries that cooperate with it in multiple economic frameworks," Dr. Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation, told Xinhua in a recent interview.

He said that in recent years, China had managed to maintain economic growth while taking necessary measures to control the rapid growth in some important sectors to prevent overheating and bubbles.

The expert noted that growth data related to the Chinese economy must not be viewed in isolation and instead considered as a whole.

The Egyptian economist said that the current global economic system, which is supposed to be based on the values of globalization and economic freedom, is afflicted with a negative selective process, indicating that those who advocate the principles of economic freedom and neo-liberalism apply sanctions in a way that destroys economic freedoms.

He explained that the advocates of liberalism in the West practice policies and take measures based on individualism, citing the example of Britain's exit from the European Union and the increasing influence of the extreme right in Europe and elsewhere.

Gaballah affirmed that the monetary administration of the United States seeks to save the U.S. economy at the expense of the global economy through over-printing U.S. paper dollars and raising interest rates, exporting major economic crises to many countries.

The expert said that China runs its economy soundly, pointing out that the country monitors global developments, waiting before adjusting its economic strategy.

He mentioned that China faces the same challenges as other countries, yet its long-term economic growth is not affected by the challenges.

"The real economy sector in China is huge, and Beijing does not drift into financial and monetary tools in a way that makes it larger than its real productive economy can bear," he said.

He pointed out that China's ability to possess a sizeable real economy, and its technology and ability to innovate, guarantee its sustainable development.

"The Chinese economic administration knows very well when to take off, when to speed up its steps, when to slow down, and when to stop," Gaballah said. "This is the essential matter in preserving the ability of the Chinese economy to maneuver to achieve sustainable development."