IMF economist: China's slowdown natural and healthy
IMF:中國經濟放緩是自然健康的

China has released its economic data for October, with factory output growth hitting a 7-month low while retail sales proved better than expected. The mixed picture adds to worries that the Chinese economy is facing downward risks. CCTV's reporter Hou Yun has spoken to the IMF's top economist to get his views on the prospects of China's economic growth in the coming years.

This is probably the world's biggest ever online shopping extravaganza. With a TV spectacular starring James Bond actor Daniel Craig, and "the House of Cards" leading actor Kevin Spacey, adding to the fun, the Chinese spent a total of 14.3 billion US dollars on November 11th, the so-called "Singles' Day".

The remarkable figure comes in stark contrast to the sluggish performance of the country's economic data for October.

Factory output grew slower-than-expected at an annual 5.6 percent, and fixed asset investment rose 10.2 percent in the first 10 months. Retail sales were the bright spot, expanding at an annual 11 percent in October.

IMF economist Alfred Schipke says the figures show a mixed picture.

"If you look at what we call as supply side data, for instance the electricity consumption, that continues to be very very week. Industrial value added has been brought in line with what it was in September. On the other hand, if you look at what we would call it the man side data, such as retail sales that speaks to consumption, that is actually holding up relatively well," Alfred Schipke, senior resident representattive with IMF Beijing Offcice, said.

Schipke regards the economic slowdown as a natural and healthy one.

"China is of course currently in the process of changing its economic structure, moving away from credit, finance, investment growth toward consumption. And in this process, which is a healthy one, growth is actually going to slow down somewhat. But that's good for China and that's good for the rest of the world," Schipke said.

Schipke says China's economic outlook will still be very positive if it manages to facilitate its economic restructuring and reduce vulnerabilities including slowing down the credit growth.

During a press conference on Singles' Day, Jack Ma, Chairman of the Chinese e-commerce giant Alibaba Group, voiced his views on the future of the Chinese economy.

"We believe that with the young people, with the creation and with the technology we have, with the e-commerce we have, we could and we will make sure that in the next 15 years, China's economy will be good," Jack Ma, founder & chairman of Alibaba Grouop, said.

The remarkable purchasing power China demonstrated during the "Singles' Day" online shopping revelry brings hope for the country's economic growth amid lingering downward pressure. On November 11th, the State Council released another package of measures to stimulate consumption, among many other efforts to fulfil the target of 6.5% annual growth for the next five years. The world is watching China, as it's still the driving force of the global economy.