"China was once known as the 'world's export champion,' driven largely by trade surplus. Now, its economy is primarily driven by domestic consumption and investment, demonstrating greater resilience and stronger self-balancing," said Wolfram Elsner, a professor at the University of Bremen.

BREMEN, Germany, March 10 (Xinhua) -- The resilience of the Chinese economic system enables China to set an impressive economic growth target of around 5 percent for 2025, a German economist has said.

This resilience is not only supported by the country's vast market and strong policy measures, but also by a "cluster of potentials," namely a network of high-value contributors, including well-established supply chains, fast-growing tech firms and unicorns, as well as highly skilled talent, said Wolfram Elsner, a professor at the University of Bremen and an expert on China.

"This is one of the key advantages that large German corporations operating in China benefit from," he added.

Elsner depicted China's 5-percent economic growth in 2024 as "a quite remarkable achievement." He emphasized that while China remains an engine of global growth, its economic model has evolved.

"China was once known as the 'world's export champion,' driven largely by trade surplus. Now, its economy is primarily driven by domestic consumption and investment, demonstrating greater resilience and stronger self-balancing," he said.

One policy shift that impressed Elsner was China's removal of all restrictions on foreign investment in the manufacturing sector last year. The move signals a more open market and reflects China's confidence in its economic resilience and competitiveness, he said.

Elsner expects China to focus on policy continuity and predictability so as to ensure steady progress toward its high-quality development.

"China's high-quality development is the path to the future," he said, adding that policy continuity has stabilized China's domestic economy and strengthened international confidence in the Chinese market.

"Western capital knows very well that it can trust China's development, and it is voting by feet," he noted.

Beyond sustaining its own growth, Elsner highlighted China's role in supporting the Global South.

He pointed to the country's zero-tariff treatment on imports from all least developed countries with which it has diplomatic relations, particularly industrial products from Africa, as an innovative approach to global economic cooperation.

"By eliminating import tariffs, China is actively supporting industrialization in Africa and Latin America, helping these regions achieve sustainable development," he said.