China's economic growth is poised to outshine the global average this year, underpinned by the dynamism of its innovation-driven private sector and the rapid expansion of future-oriented industries, a senior executive said.
"The private sector in China is truly remarkable, with business leaders who are incredibly ambitious, globally-minded, and at the forefront of technological innovation," said Ernesto Torres Cantu, head of International at Citi with China Daily.
This dynamism in the private sphere is a key factor behind China's robust economic performance and the positive sentiment surrounding Chinese companies, Torres Cantu added.
Meanwhile, such future-oriented industries as artificial intelligence, electric vehicles, green energy and humanoid robots will keep driving the country's growth forward for the years to come, with their impact also being felt worldwide, Torres Cantu said.
Many Chinese companies in these industries are not only thriving domestically but are also emerging as global leaders in their respective fields, a strong indicator of the country's sustained economic success and its role in shaping the world's technological and economic future, Torres Cantu added.
In particular, many Chinese companies have taken a proactive stance toward exploring overseas markets, and Citi will provide a suite of financial services including local financing and risk management for them, striving to be their preferred banking partner for cross-border needs, Torres Cantu said.
Citi China's operation is among its top five businesses globally. The bank also aligns its local business strategy and offering with the priorities in China's banking sector such as financial inclusion, green financing and fintech, Torres Cantu added.
Citi will also help global businesses that wish to expand their presence in China, Torres Cantu said, noting that Citi serves 70 percent of Fortune 500 companies in the Chinese market.
Though United States President Donald Trump's return to power may cast an uncertain shadow on the trade prospect between the world's two largest economies, Torres Cantu said that the strong fundamentals of the Chinese economy will help the country to weather external disruptions.
"Even if tariffs fluctuate up and down if the core economic and corporate fundamentals are sound, the trading system will ultimately find its equilibrium and continue on a growth path," Torres Cantu said.
"The world's economy grew close to 3 percent in both 2023 and 2024, and we expect expansion rates to be similar this year. China will continue to grow faster than the world economy," Torres Cantu said.
