China's economic reforms will profit Europe: expert

BRUSSELS - China's ongoing economic reforms which maintain the right direction will profit Europe as well as the whole world, the chairman of the Belgian-Chinese Economic and Commercial Council Bernard Dewit said.

"China's economic reforms are important to the world because of the importance of China's economy. If China's economy goes well, the world economy goes well and vice versa," Dewit, also accredited foreign arbitrator for the China International Economic and Trade Arbitration Commission, told Xinhua in a recent interview.

Noting that China is pushing various reforms to address structural imbalances, Dewit said he is optimistic about China's economic prospects. In his opinion, the temporary slowdown in the Chinese economy is not a bad thing as long as the reforms are maintained.

"China's economic reforms are maintaining in the right direction. We have to see it in a long term," he said.

Dewit stressed that economic reforms will require a process, in which social stability and economic growth should both be taken into account.

"Looking at European countries, for instance, many governments eager to reform their labor market are now facing a growing number of unemployed and retired people. The lack of effective policy-making in the process has caused social instability," he explained.

By contrast, he praised Chinese policy makers for their firm determination to push forward reforms while keeping aware of realities.

Dewit said Chinese President Xi Jinping's recent call for a more effective, equitable and sustainable growth with higher quality "is in tune with the times."

China has pledged to foster an atmosphere in which the principles of innovation, coordination, green development, openness and sharing are upheld, Dewit observed.

"These pragmatic reforms are adapting not only to the world economy but also to the reality in China, which keeps me optimistic about the Chinese economy," he noted.

"Thanks to the reform measures, China's economy is getting more dynamic, that will also be profitable for us," he added.

As two of the major economies in the world, China and the European Union are getting more and more economically interdependent, he said.

"If China's economy is going better, China will have more trade with us. That is good for all our companies, for all our industries," Dewit said.