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Wang Jun, an analyst with the China Center for International Economic Exchanges. [Photo/IC]

Wang Jun, an analyst with the China Center for International Economic Exchanges

Speaking on China's reform progress, President Xi's interview with the Wall Street Journal undoubtedly demonstrated China's unwavering resolution in pushing ahead reform agendas with no regard for short-term volatility. In terms of implementing specific reform agendas set out in 2013, it's still early to make a conclusion. We are a long way to 2020. Though there is a perception that implementation is slower than initially anticipated. Again, it's still early to judge the progress, the effect, and the reform.

On the contrary, I think the short-term slowdown strengthened the case for reform. Many reform initiatives are actually positive for stabilizing growth. It is critical now to accelerate some reform initiatives that could have immediate impact on growth.

President Xi's interview impressed me. He is blunt in talking about all the problems we came across, particularly recent issues that raised widespread international concerns. The frank discussion of these topics such as the stock market and foreign exchange markets, actually showed confidence on navigating these issues.

The international media overplayed the risk of China's slowdown. They focused on short-term economic data and drew an over-pessimistic picture. China's slowdown did add some pressure to the world economy, especially in commodity price, given China has been the major source of demand. But one should note the decline of commodity prices, and the deflationary pressure. These are not driven by China alone. Weak demand from developed countries also contributed to the deflationary pressure.