China now "locomotive" of world economy: German expert

Source: Xinhua| 2021-01-21 18:23:56|Editor: huaxia

With a strong economic rebound, China has now become the locomotive of the world economy, Horst Loechel, a professor of economics at the Frankfurt School of Finance and Management, has told Xinhua. "It's a very strong rebound. I think it's more than normally to be expected in this difficult year," Loechel commented on China's latest macroeconomic data. "Compared to other large economies, it's a very great success," Loechel said. Loechel said the rebound is mainly driven by the recovery in the manufacturing industry, as well as exports, which benefited from backlogged demand from countries outside of China. However, Loechel pointed out that the Western world's ability to get the pandemic under control remains a key risk for the world economy, including China. Looking ahead, Loechel expects to see more innovation in the development of the Chinese economy.