Interview: China's economy enjoys strong flexibility, resilience, says Egyptian expert

CAIRO, Oct. 24 (Xinhua) -- China's economy is characterized by extreme flexibility and a tremendous ability to absorb shocks and achieve its development goals, said an Egyptian expert.

Waleed Gaballah, a member of the Egyptian Association for Political Economy, Statistics and Legislation, told Xinhua in a recent interview that China, the world's second-largest economy, is characterized by a multitude of strengths, including its remarkably well-developed human resources.

According to the National Bureau of Statistics, China's economy expanded 4.9 percent year on year in the third quarter, and went up 1.3 percent on a quarter-on-quarter basis. It grew 5.2 percent year on year in the first three quarters of 2023.

Gaballah emphasized that China's solid foundation for development is further bolstered by its abundant natural resources. What's even more significant, he pointed out, is the nation's possession of cutting-edge technologies, enabling it to not only sustain but also expand its production capacity.

"All this means China's ability to mass production with high quality and the availability of markets that welcome Chinese products," said the expert, adding that China "is moving on its development path according to a well-studied strategy and has the ability to spot future challenges."

Regarding potential development challenges China may encounter in the future, he said that a key focus is managing the increasingly uncertain and disorganized global economic environment, largely driven by the complexities of geopolitical conflicts that strike the world.

According to the expert, a pivotal factor in China's ability to overcome these challenges lies in the strong interconnection between the Chinese economy and the global consumer demand for Chinese products.

"Perhaps the most important guarantee for China's success in achieving development despite these challenges is the strong interconnection between the Chinese economy and the economy of families who demand Chinese products in all countries of the world," Gaballah said.