Economists in G20 meeting optimistic about China's economy

Economists are optimistic about China's economy, which achieved great growth in the past 30 years, as G20 finance ministers and central bank governors are meeting in the Turkish capital Ankara on Friday and Saturday.

"Chinese people have a strong national consciousness and they work very hard. So I am pretty sure China will still be the leading actor in the global economy," Turkish economist Ufuk Sanli said.

"China is the growth engine. It is the leading force of the global economy. What will be important from now on is how China keeps this growth speed," the economist said while commenting on the G20 meeting.

Talking about China's move in devaluating the yuan, Ufuk said that the developed countries like EU won't be much affected by the move. On the contrary, the devaluation is a good news for them as the costs will be reduced and China's trade will increase.

Economist Umit Akcay said the slowdown in China's economy is not only China's own problem. Currently, the main problem in global economy now is how firms' profitability can be revitalized.

Cagdas Sirin, an economist from Bahcesehir University, said China is the world leader of exportation. Consequently, it is natural that developments in the Chinese economy affect the whole world.

Sirin said China could not continue with export-oriented economic growth model and China should take steps to revive its domestic demand.

"If China can change its growth model successfully, China will also be a huge consumption economy. This will be great opportunity for developing countries," he added. Endit