China Is Becoming New Engine of World Economy

China is now the new engine of global economic growth, and the sound economic growth in China is conducive to the world at large, a German entrepreneur told Xinhua in a recent interview.

Frank-Jurgen Richter, founder and chairman of Horasis, an international consultant firm, said on the sidelines of a two-day forum held in Sheffield, a city in South Yorkshire, earlier this week that "I think China is now, we can easily see, becoming the new engine of growth" in the world economy.

"I think the Chinese economy is doing very well," he said, voicing his full confidence in the future of China's economic development following the successful conclusion of the 19th National Congress of the Communist Party of China (CPC) in October.

Richter noted that the blueprint laid out at the just-concluded CPC national congress "is now very much about focusing on innovation, on the entrepreneurship, and the green economy," and "more focused on quality growth."

"Chinese companies now are taking the world lead, they are innovative, they are the vanguards, they are not longer just copying the technology about 10 to 15 years ago, which was very natural at that time," he said.

"But now they are at the front of the (world's advanced) technology. Just think about companies like Huawei," he said.

Huawei Technologies Co Ltd, a Chinese multinational networking and telecommunications equipment and services company headquartered in Shenzhen in southern China, is the world's third biggest smartphone maker which continued to expand its presence in the high-end segment.

"It is the new China, and it is the reason that I am so bullish on China's economy," Richter said.

"In the past, the world economy was still dominated by the US, and partly by Europe, maybe by Japan, but all those old markets are rather weak," he said. "And even though Europe is recovering, the US is recovering; the real leader is now with China."

"So China is doing well, and the whole world is doing well. And that's the reason I think we should all support the Chinese economy," he said, adding that "we should join hands" to boost the healthy economic progress in China and other parts of the world.

"Today's companies have to cooperate across industries, across national boundaries," he said. "Chinese companies are very open, are very global, and we see the rise of Chinese brands -- the global brand of Chinese origin."

Richter cited what he described as "very famous household brands" produced by Lenovo, Xiaomi, Hisense, Didi and Alibaba, saying: "It is like a new trend, Chinese brands are getting very famous."

On the back of technological prowess and good value, an increasing number of Chinese companies, including Huawei, Lenovo, Gree, Xiaomi and drone maker DJI-Innovation, have gained foothold in the international market, paving the way for a wave of global Chinese brands.

"I think the Chinese government is very pro-business," Richter said. "It is not a protectionist."

"I think it is also inviting foreign companies to come to China," he said.

The forum, known as the 2017 Horasis China Meeting, was organized by Richter's organization. Introduced by Horasis in 2005, the meeting has become one of the foremost global business gatherings on China.

Present at the forum were about 300 businessmen, scholars and government officials from such countries as China, Britain, the United States, France, Germany, Belgium, the Netherlands, Russia, Saudi Arabia, India, Mozambique and Haiti.

Richter, born in 1967, is a German entrepreneur and currently the chairman of Horasis. He has served in that role since he founded the organization in 2005.