China might be looking more towards its domestic economy now, but its growth will continue to be crucial for the Asian region, analysts told CNBC.
Calling its latest GDP print "stunning" when the rest of the world is in a "dire" recession due to the pandemic, Cornell University's Eswar Prasad said: "I think China is going to remain important for demand in the Asian region."Going forward, however, China needs to focus on its small and medium enterprises which will be important for its growth, the analysts say.
Shoppers visit Raffles City mall, operated by CapitaLand Ltd., in Chongqing, China, on Wednesday, Nov. 27, 2019.SINGAPORE – China might be looking more toward its domestic economy now, but its growth will continue to be crucial for the Asian region, analysts told CNBC. Calling its latest GDP print "stunning" when the rest of the world is in a "dire" recession due to the pandemic, Cornell University's Eswar Prasad said: "I think China is going to remain important for demand in the Asian region."
"And ultimately given the size of its economy, Asia cannot prosper unless China prospers," the professor told CNBC on Monday, in response to a question on what China's economic recovery means for Asia when the world's second-largest economy is focusing on its domestic growth.— lower than the 5.2% that economists expected. Still, the country is the first to bounce back after getting over the worst of the coronavirus pandemic.
"That China was able to grow as fast as it did given the weakness all across the rest of the global economy right now, is quite remarkable," said Steve Cochrane, chief APAC economist at Moody's Analytics.
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