Worst economic slowdown has ended in China: US
Beijing: China has lived through worst economic slowdown due to its determination to deepen reforms in the world's second largest economy, prominent US economist Stephen Roach said Wednesday.
"I am hopeful that the worst of the slowdown has now passed," said Roach, former chief economist of Morgan Stanley.
Speaking in Beijing during the launch of his new book Unbalanced: The Codependency of America and China, Roach said encouraging breakthroughs have been made in pushing reforms ahead, sate-run Xinhua news agency reported.
China's year-on-year economic growth rebounded to 7.5 percent in April-June period after the weakest quarterly reading in the first quarter since the third quarter of 2012.
An array of other economic indicators from exports to investment also saw gradual recovery, indicating the economy is gaining strength.
"If the economy in fact stabilises at 7 percent range, there is no reason to back off reform agenda. That's again very good news for medium to longer-term stability of the Chinese economy," Roach said.
He noted the significance for the Chinese central government to keep the courage to push forward reform and fend off pressures from power blocs to resist the changes.
He also eyed China as an emerging economic leader in Asia, playing an important role in driving the global economy. ---- PTI