Interview: China's economy less vulnerable to external shocks, says Nigerian expert

by Olatunji Saliu

ABUJA, Oct. 10 (Xinhua) -- China's economy, an inclusive and domestically-integrated one, is less vulnerable to external shocks, disruptions or pressures, a Nigerian analyst has said.

Charles Onunaiju, an expert of international affairs and diplomacy, said the Chinese economy is stable with an internally integrated and coordinated structure which cannot easily be disrupted by external shocks.

The Chinese economy is not subject to the trajectory of bubble and bust. "It is inoculated against this. Even when it cools down, it cools down to readjust its internal structure and maintains a momentum of growth," Onunaiju told Xinhua in an interview.

This year, China reported the second-quarter gross domestic product growth was 6.7 percent, and the first half growth was 6.8 percent.

Onunaiju said that following recent developments, whatever pressure might come from the United States or any other external force "will be of marginal effect on the Chinese domestic economy."

Beijing's economic growth target for 2018 is around 6.5 percent.

Onunaiju said China has recorded tremendous successes so far in transforming its economy into one to be driven by innovation and domestic consumption, citing the creation of more urban jobs and increased income in rural areas.

"These are all critical landmarks in the evolution of a new economy," said the Nigerian expert.

"As far as China's relevant authorities maintain the momentum of its structural adjustments, maintain the momentum of innovation, I think China will remain largely inoculated from the vagaries of external shocks," he said.

In the eyes of the Nigerian expert, who is also head of the Center for China Studies in Abuja, the trade disputes between China and the United States, if not halted, could have dire consequences for the entire world.

"Trade is like fresh air ... It empowers nations. Traditionally, over time, it has been known that trading is a way of developing relations," he said.

"Disrupting trade is like disrupting free air in which nations engage with each other. It has dire implications, not just for (the) U.S. and China, it has dire implications for the world," he added. "It is hoped that common sense will prevail in Washington."

The expert said the United States should respond to China's call for resolving trade disputes through dialogue and seize the opportunity.

Africa generally believes that trade is preferable to aid, he noted.

"We have had aid over the years, it has not turned us around. Africa wants to trade and engage the rest of the world in active trading and commercial transactions," he said.

Onunajiu thinks that China's very deep global outreach and leadership in global trade is very impactful and especially beneficial for developing countries.

"China is huge ... China's trade benefits more than 100 countries," he said.

[ Editor: Xueying ]
 

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