By Xinhua writers Zhang Yiyi, Liu Hongxia
BEIJING, Nov. 20 (Xinhua) -- China is well-positioned in managing its economic slowdown with "comforting policy tools," amid more opening-up measures to embrace inclusive growth, vice president of the Asian Development Bank (ADB) said Wednesday.
China's GDP is expected to grow by 6.2 percent in 2019 and by 6 percent in 2020, said the bank in its latest Asian Development Outlook 2019 Update.
The slowdown figures, which are "to be expected and not surprising or alarming in any sense," need to be understood in both a global and historical context, ADB Vice President Ahmed Saeed told Xinhua in an interview.
"It is a fairly broad-based global trend of slowing growth expectations in all key markets, both developed and emerging ones, around the world," said Saeed.
According to Saeed, the Chinese economy is moving along an expected natural path of maturing growth following its unprecedented growth pace over four decades, and the government has a vast array of policy tools to manage this process.
"The government has carried out numerous financial sector reforms as the economy continues its natural path from export-driven to consumption-driven growth," Saeed said.
In the eyes of Saeed, China is promoting shared growth with moves to further open up its market.
"Both China and other actors in the global economy have a vested interest in the preservation of globalization and the free flow of capital and goods, and we certainly commend China's economic leadership in continuing to support and promote that path," Saeed said.
According to him, China has also done its share to ensure inclusive growth by lifting more people out of poverty in a shorter period than any country in history. "It's an extraordinary track record of success," he said.
In support of China's rural vitalization, ADB on Monday signed a memorandum of understanding with China's e-commerce giant Alibaba.
Under the agreement, ADB and Alibaba will jointly promote the development of the internet-plus economy to help modernize the agricultural sector, with the aim of helping eliminate extreme poverty in the country.
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