China's economic transition will invariably lower GDP, says IEF Sec Gen
By Gaurav Sharma
Date: Friday 18 Sep 2015
(ShareCast News) - China's economic transition from a manufacturing economy to a modern services sector focussed nation will invariably lead to lower gross domestic product growth, according to International Energy Forum 's Secretary General Aldo Flores-Quiroga.
Speaking at the Gulf Intelligence Energy Markets Forum in Fujairah, UAE, Flores-Quiroga said, "The current picture we have of Chinese economic performance - i.e. one of correction - is not far from what's happening.
"While it is not preordained that a transition results in lower economic performance, we see China's growth dipping to around 5% per annum over the medium term and that is still a decent rate which many countries would wish for."
Flores-Quiroga also said what China needs in a period of transition is a healthy banking sector "to provide a bridge" to an economy in transition from manufacturing to services, not an overt emphasis on regulating its nascent equities market.
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