TIANJIN, Sept. 17 -- Klaus Schwab, founder and executive chairman of the World Economic Forum (WEF), said Monday that he's optimistic about China's economic growth.
Over the past 40 years, there have been many critics and pessimists who always forecasted that China's economic growth would come to an end, but they turned to be wrong, Schwab told Xinhua in Tianjin ahead of the Annual Meeting of the New Champions 2018, also known as Summer Davos.
"I remain optimistic," he added.
China's GDP expanded 6.8 percent in the first half of the year, above the government's annual target of around 6.5 percent. The growth has remained between 6.7 percent and 6.9 percent for 12 consecutive quarters, highlighting its economic resilience.
Schwab pointed out that the world economy is facing many challenges, such as trade frictions, possible downturn due to the natural economic cycle, debt problems and the impact of global warming.
Countries should recognize the challenges, join forces and eliminate the risks in the global cooperation, he added.
When recalling his first visit to China around 40 years ago, Schwab admitted that "it was very different. It was a poor country."
China launched its reform and opening up policy in 1978. The long-held policy has not only brought rapid and sustainable development but also enabled the country to have contributed greater momentum to the global economy.
Calculated with constant prices, China's GDP rose 33.5 times in the 1978-2017 period, representing average annual growth of 9.5 percent, much higher than the world average of about 2.9 percent during the same period.
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