China’s exceptional economy means a rosy future
China’s economy is “exceptional” owing to its history, culture and policymaking, said a senior Iranian business leader in a recent interview with Xinhua.
“China’s exceptional economy is neither like what happens in Europe and the United States nor in developing countries,” said Majidreza Hariri, president of the Iran-China Chamber of Commerce and Industries, noting that this distinction is attributed to the country’s history and culture, coupled with its flexible decision-making and policy implementation system, which makes the country “more flexible in the face of crises”.
He added that combined with China’s economic model, the policymaking system “has helped the country achieve its present economic status”.
Hariri predicted that the country’s annual economic growth rate could stand at around five percent, which, he said, “is quite significant”.
“It is not possible to expect an economy constituting close to 18 percent of the world’s economy to continue maintaining a growth rate of 10 percent, as its size has increased considerably,” said Hariri.
Chinese modernization encapsulates a political commitment to equitable income distribution, peaceful national development and ecological sustainability, said Hariri, noting this sets it apart from the historical trajectory of modernization in developed Western countries.
According to him, these concepts and terms are expected to impact the global economy.