Where will China's next growth engine come from?

Marshall Mills, International Monetary Fund's senior resident representative in China, said that demand, supply and reform can jointly drive China's economic growth, with significant potential for further expansion in the coming five years, or the 15th Five-Year Plan (2026-30) period.

On the demand side, China's vast savings pool signals strong potential for private consumption to become a core growth engine, Mills said in an exclusive interview with China Perspective.

On the supply side, deeper reforms to improve resource allocation can help translate innovation into productivity gains across broader sectors of the economy, Mills said.

He added that the IMF estimates that a comprehensive reform package could lift China's annual GDP growth by nearly 0.5 percentage point.