As the annual sessions of China's top legislative and political advisory bodies are drawing to a close, overseas experts and scholars continued to show strong interests in the important gathering.
The third session of the 12th National Committee of the Chinese People's Political Consultative Conference (CPPCC), the country's top political advisory body, concludes Friday in Beijing, while the third session of the 12th National People's Congress (NPC), the national legislature, will end on Sunday.
Among different items on the agenda of the two sessions, the economic model of "new normal", along with deeper reforms in various sectors, has become a focus of world attention.
NEW MODEL OF SLOWER BUT HIGHER-QUALITY GROWTH
Hans Hendrischke, an economics professor at University of Sydney, said the "new normal", a phrase to describe China's current economic situation, "includes the successful rebalancing of the Chinese economy toward a consumer and service economy."
He added that the "new normal", characterized by slower but higher-quality growth, also includes an acute sense of the risks of the middle income trap facing China's industrial structure.
"The new normal is a stronger service orientation and high-end manufacturing in areas where China will have to create its own markets by extending its domestic economies of scale, for example in infrastructure and transport, into global markets," Hendrischke said.
On the new growth theory, U.S. experts also agree it suggests that China is determined to pursue economic transition and make further progress on its reform agenda.
"China is in the middle of an extremely difficult, but necessary transition to a different growth model based on greater reliance for growth on domestic consumption, faster service sector development, and greater reliance on domestic innovation," said Pieter P. Bottelier, a senior adjunct professor of China studies at the School of Advanced International Studies of the Johns Hopkins University.
Scott Kennedy, deputy director of the Freeman Chair in China Studies at the Center for Strategic and International Studies, shared similar views, saying the Chinese government is moving ahead on reforms in many areas, including state-owned enterprises, the fiscal system, interest rates and foreign economic relations.
Stephen Perry, a seasoned British entrepreneur and China watcher, said the world's second largest economy has carried out a set of interlinked reforms to upgrade its economic model to the "new normal", which values sustainability and social justice.
"There is a big set of interlinked policy initiatives which have been implemented and are working to create the basis for a new China which values sustainability, reasonable growth, care of the environment and a reasonable shared living standard and welfare state to assure the vulnerable," he said.
"HOT SPOT" FOR INVESTMENT
In the view of Kamel Mellahi, a professor at Britain's Warwick Business School, China will remain a global economic powerhouse and hot destination for investors although the country was moving away from the miraculous double-digit growth of over three decades.
The changing process will have far-reaching implications throughout the world as the country is expected to focus on a balanced, high quality and sustainable economic growth in an orderly and well-thought-out manner, he said.
In regard to the "new normal" strategy, he said it makes perfect sense to him as the past double-digit economic growth is no longer attainable.
However, the professor stressed, the strong inflow of foreign direct investment earlier this year shows that China is still a hot spot for investors who are interested in the emerging market.
He voiced his belief that the Chinese government has enough policies and measures, including further cuts in interest rates, increase of government spending, and further monetary easing, to help banks make loans and stop the economy from decelerating significantly over the next year.
Echoing Mellahi's view, Lord Sassoon, chairman of China-Britain Business Council, said China's "new normal" can bring opportunities for British business.
He called on British companies to look beyond the slowdown of China's economic growth, saying China is undergoing a period of further transformation.