VALLETTA, June 18 (Xinhua) -- A stable Chinese economy acts as a "cornerstone" for global economic recovery by supporting international trade, fostering innovation and maintaining economic stability, Ian Mizzi, president of the Maltese-Chinese Chamber of Commerce, said Monday.
In an interview with Xinhua, Mizzi said the stabilization and recovery of China's economy have "profound positive implications" for the global economy, as it can provide a steady source of demand for global products and services, benefiting numerous exporting countries.
"This, in turn, can help to balance global supply and demand dynamics and support global economic stability," he said.
The Chinese economy continued its upward recovery trend in May, as shown by faster consumption growth and steady expansion in industrial production, data recently issued by China's National Bureau of Statistics (NBS) shows.
China's latest economic data indicates a robust and resilient growth trajectory, Mizzi said. The coordinated performance of investment, consumption, and exports -- the three pillars driving growth -- demonstrates a balanced and multifaceted expansion, he added.
Noting that the emerging momentum in high-tech and innovation-driven industries in China signifies a strategic shift towards a more modern and sustainable economic structure, he said that this transition "not only reinforces China's ability to adapt to global technological advancements but also positions it as a leader in cutting-edge industries."
The improvement in market vitality, evidenced by effective tax cuts, fee reductions, and enhanced business environments, catalyzes corporate profits and cultivates a more dynamic economic ecosystem, he said. "Collectively, these elements affirm China's economic resilience and its potential for continuing robust growth."
China's emphasis on high-tech industries and innovation can spur technological advancements and collaborations internationally, potentially leading to new global industry standards and practices, he said, adding that the progress in these sectors can foster "greater global economic integration and innovation-driven growth."
As China implements measures that enhance its business environment and corporate profitability, it sets a "positive example" for other economies, promoting better global business practices and environments, Mizzi emphasized.
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