China revising development model, says Italy-China report

(AGI) Rome, June 23 - China is carrying out a wide-ranging revision of its development model and aims to become a quality economy based on consumption, services and innovation, with moderate but sustainable growth rates, according to the the seventh edition of the Italy-China Foundation Enterprise Study Centre (CESIF) annual report, published by the Italy-China Foundation and presented at the Italian Foreign Office. The presentation was attended by Secretary General of the Ministry of Foreign Affairs Elisabetta Belloni, Foundation President Cesare Romiti and Director-General for the Promotion of the Italian Economic System Vincenzo de Luca, amongst others. Italian enterprises need to tackle the Chinese market at two different speeds, on one hand being aware of a fall in GDP and exports, but also of a rise in domestic consumption and services, together with a marked rise in foreign exports, for which Italy is one of the major destinations. The report provides an outlook on China that aims to set out the prospects for Italian companies in China, including Chinese President Xi Jinping's policy challenges, the economic shift towards services and consumption, market access, the need to adapt to a changing system and sectoral opportunities, regulations and detailing which sectors to address for business opportunities. This year has seen a major innovation: "We have drawn up a vertical analysis not just by product but also by province, many of which each have the same demographic as Italy and are crucial to understanding the prospects for our businesses", said Italy-China foundation President Cesare Romiti. "China is going through a difficult time and the slow-down in its growth rates is alarming, but the country has not exhausted its potential and the targets set out in the 13th five-year plan are based on the reality, like the five-year plans of the past. We must have the grace to enter into the Chinese spirit. Changing the development model will take some time", he added. (AGI). .