Reviewing China's 2017 economic transformation

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The transformation of China's economic development model this year has achieved many results and overcome many difficulties, said Liu Chunsheng from the Central University of Finance and Economics.

“Consumption plays the biggest part among the three driving forces of economic growth, and it contributed about 50 percent to China’s GDP growth this year,” Liu told CGTN.

“High-end equipment and intelligent manufacturing are taking a larger share, while the service sector has also experienced rapid and healthy development. China is the world leader in e-commerce, big data economy and sharing economy,” Liu said.

Many international economic organizations have expressed optimism towards the future of the Chinese economy in their forecasts.

The International Monetary Fund (IMF) has raised its expectations for the Chinese economy four times this year, with October’s prediction for China’s GDP growth as 6.8 percent in 2017 and 6.5 percent in 2018.

“There are a number of challenges still on the plate,” said Einar Tangen, Current Affairs Commentator for CGTN, “for example, poverty, pollution and systemic risk. On the other side, it’s about encouraging innovation in the future and creating real economy vehicles.”