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Chinese economy is going through transformation: BNP Paribas China CEO | East Tech West

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The Chinese economy is going through transformation.

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The Chinese economy has been going through a period of transformation, according to the CEO of BNP Paribas China, Andrew Yaxley. Speaking at the East Tech West conference in Nansha, Guangzhou, Yaxley said that the country’s shift towards a consumer-driven economy was having a profound impact on the way businesses operate in China.

One of the biggest changes is the growth of e-commerce, which Yaxley said has been fuelled by the rise of mobile phones in China. This has allowed businesses to reach consumers directly and cheaply, bypassing traditional retail channels. He added that this was particularly important for smaller businesses, which previously struggled to compete with larger companies.

Another area of growth has been the sharing economy, which has seen the emergence of platforms such as Didi Chuxing and Airbnb. Yaxley said that these services were allowing consumers to access goods and services that were previously difficult to find, while also providing new sources of income for individuals.

Despite these positive developments, Yaxley warned that there were still significant challenges facing the Chinese economy. Key among these was the need to address the country’s debt problem, which he said was creating significant risks for the future.

“China has accumulated a lot of debt in recent years, and this poses a long-term risk to the country’s stability,” Yaxley said. “If this is not addressed, then it could have serious consequences for the economy over the coming years.”

Other challenges facing the Chinese economy include the need to address income inequality, improve environmental standards, and reduce the country’s reliance on exports.

Despite these challenges, Yaxley remained optimistic about the future of the Chinese economy, and the potential for further growth.

“China has already made tremendous progress in transforming its economy, and there is still a lot of potential for further growth,” he said. “As long as the country continues to make the right choices, then I believe that the future is bright for China.”