Nomura's chief economist expects further opening-up

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04:30

China can do better by pushing forward in reform and opening-up, said Lu Ting, chief China economist of Nomura, on the sidelines of the China Development Forum (CDF).

At this year's CDF with the theme of opening-up and cooperation, Lu believed that the country would do better if it insists on opening-up and reforms.

"I believe that almost all sectors can gain from China's more opening-up and reforms. But definitely, with consumption upgrades, some consumption companies will see more demand in China," he said.

He also mentioned that financial service sector play a significant role in the "new opening-up process," as Chinese companies could learn much more from multinationals and would be able to go overseas.

But he also acknowledged that China is still in the "middle of slowdown," adding that recovery might come in the next few months as "changes in policies, stimulus and policy easing are on the way."

He also said that "growth of cities will be the driving force of Chinese economy in the next generation." The big cities in particular will create more demands, productivity and jobs.

As to the future, the economist expected China's central bank to introduce more policies and measures. In addition, he suggested local governments to "ease up" their property measures.

"The recovery of stock market is good for the economy. But if the stock market goes up too fast, maybe it will create some panics in the market. And this may not be good for the economy. So that's why I expect that the Chinese government will take lessons from what happening in 2015 and will find some special ways to guide the stock market. And I hope this time, it can do better," he added.