China economy on the right track, says Davos founder

~BEIJING - China is on the right track to transform its economy and is capable of maintaining a growth rate at over 7% in coming years, according to Klaus Schwab, founder and executive chairman of the World Economic Forum. Schwab has been voicing his confidence in China’s economy since 2007, when he launched Summer Davos, an annual high-level meeting of the world’s political, business, and social leaders.

This year, the event’s theme is creating value through innovation—with a specific focus on China and other emerging markets.

Schwab believes China’s economy will grow substantially with a move from an export-led economy to a consumer-led one, if it can overcome present obstacles. He also assesses that the government’s current reforms, while contributing to the economic slowdown, are in fact developing a strong foundation for the economy to grow. www.webershandwick.cn (ATI).