China has great growth potential despite difficulties, says expert

Bouncing back: Travellers arriving at Beijing Station. China’s economic recovery continues with a pickup in car and homes sales this month in the biggest cities compensating for weaker global demand and business confidence. — Bloomberg

SHANGHAI: China still has huge economic growth potential in the coming years despite short-term disruptions from the Covid-19 pandemic, says Takehiko Nakao, former president of the Asian Development Bank.

Nakao, chairman of Mizuho Research and Technologies Ltd, said China has ample room to expand the services sector and stimulate consumption, and that the redistribution of income through progressive taxation and education will help fully unleash potential.