China's economy still promising despite slowdown

China's economy still looks promising despite a short-term slowdown, according to the Chinese ambassador to France.

Kong Quan also says Europe and China should show mutual trust instead of using protectionist measures to address trade imbalances.

In an opinion article published in the French newspaper Les Echos on Wednesday, Kong said China has the potential and inherent strength necessary for its sustained development. "Not only is its industrialization far from over, computerization and modernization of its agricultural sector are under way," he said, noting that China's urbanization rate has exceeded 50 percent and GDP per capita is only one-eighth that of France.

"Strong domestic demand will continuously support China's development," he added.

Kong said the European Union, China's largest trading partner, has benefited from China's fast development, and the investment of Chinese enterprises in Europe has brought "new dynamics" to the European economy.

EU exports to China reached $160 billion in the first nine months of this year, an annual increase of 2.1 percent. In 2011, Chinese investments in Europe reached $4.3 billion and 150 Chinese companies operating in France created more than 8,000 jobs, Kong said.

Regarding trade-deficit concerns voiced by France, Kong said China does not deliberately seek a trade surplus and wants to achieve balance in its foreign trade. China's exports to France fell by 8.5 percent, while imports from France increased by 12.7 percent in the first nine months of this year, Kong said.

"China and Europe, instead of using protectionist measures, must display mutual trust," the ambassador added.