CANBERRA, Feb 6 (Xinhua): With its rich experience in infrastructure building and its financial resources, China is able to establish global capabilities that will help satisfy demand for infrastructure, Hans Hendrischke, an expert on Chinese economy told Xinhua in a recent interview.
Professor Hendrischke of University of Sydney, who had stayed in China for many years as a diplomat and academic, said that China has accumulated vast experience in infrastructure building and has economy of scale that other economies cannot easily match. By combining these technical resources with its financial resources, China is able to help out in both developing countries and developed ones, he said.
"In developing countries China can help overcoming shortages in finance; in developed countries China can help lower costs in infrastructure building."
"China's proposal of an Asian Infrastructure Investment Bank ( AIIB) is one example of a regional initiative that will establish China's reputation as a responsible global leader in technologies, finance and open governance," he said.
Over 30 years since China adopted reform and opening-up policies, the country has maintained fast economic growth. However, the government has slowed the pace of economic development to accommodate reforms that would go broader and deeper.
"The risks with China's economic transformation are becoming more complex as China is developing into a globalized market economy," he said.
"China is facing external and domestic economic risks," he said, "External risks relate to a downturn of the global economy that could endanger China's exports. The domestic risks relate to China 's economic transformation and upgrading."
Despite the New Normal of slower economic growth, China is for sure to bring new benefits to the world, especially in the service sector, in its economic transformation.
"China's economic transformation has already brought benefits to China's trading partners in form of cheaper manufactured products. China's manufactured products have helped raising living standards in other countries," said Hendrischke.
