China's further opening-up to foreign trade and capital, in particular, will help improve the business environment and tap growth potential, with a view to long-term sustainable growth, said a senior OECD expert.
PARIS, Dec. 19 (Xinhua) -- China will remain the largest contributor to global growth in the medium term, a senior expert of the Organization for Economic Co-operation and Development (OECD) has said.
China's recently announced macroeconomic policies will have an impact and help invigorate growth potential by continuously boosting consumption and investment, Margit Molnar, head of the China Desk of the OECD Economics Department, told Xinhua in a recent interview.
She believed that a series of key measures taken by China in the past few months will help spur local infrastructure investment, and the continuing replacement of old consumer goods with new ones will continue to promote consumption.
Since the beginning of this year, China has carried out measures to expand a high-level opening-up and strengthen comprehensive reforms. In this regard, Molnar said that China's further opening-up to foreign trade and capital, in particular, will help improve the business environment and tap growth potential, with a view to long-term sustainable growth.
She also mentioned that the removal of restrictions on foreign investment in manufacturing is a welcome move, as foreign manufacturers will be able to enter the Chinese market more smoothly, thereby enhancing competition and leading to greater efficiency for industries.
Innovation alone cannot guarantee long-term growth, the expert said, therefore it must be commercialized, and that entails stronger collaboration between industries and the research sector.
A modern industrial system and robust innovation activities are equally crucial for long-term growth, she said. ■