World Economy

China in Transition?

China in Transition?China in Transition?

Markets shouldn’t be concerned about the cooling in the world’s second-biggest economy, as China is transforming to a consumer driven economy, Alibaba founder Jack Ma told RT. “The consumption is going up, the services are going up, the new high-tech business is going up, but the traditional business is going down,” said Ma at the World Economic Forum in Davos. He also said China is trying to transit from an export to an import driven economy. “The next two or three years may be challenging. If the job market is there, if the consumption of China continues to grow…,” he added.