8% growth for 20 years likely
Source: Xinhua |
March 24, 2011, Thursday
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Print Edition
Print Edition
CHINA has the potential to achieve another 20 years of 8 percent annual growth, World Bank Chief Economist Justin Yifu Lin said yesterday.
Estimates showed that China's current relative status to the United States was similar to Japan's in 1951, and South Korea's in 1977, who were in their high-speed development period, said Lin, also the bank's senior vice president, at a forum held in Hong Kong.
"By the year of 2030, measured by purchasing power parity, China's economic size may be twice as large as the US," and China's per capita income would be half of that of the US by then, predicted Lin.
Measured in PPP, China's per capita income was 21 percent of that of the US in 2008.
Lin also noted that China should face challenges while endeavoring to maintain vigorous growth. He pointed out that China should consider ways to rebalance its economy towards domestic demand, given the inevitable slowdown in exports and the need to cut trade surplus.
China also needs to reduce its income disparities and rebalance short-term growth and long-term environmental sustainability, he added.
"It is imperative for China to address the structural imbalances, by removing the remaining distortions in the finance, natural resources and service sectors so as to complete the transition to a well-functioning market economy," the economist suggested.
The China Economic Development Forum, organized by the Hong Kong University of Science and Technology as a part of celebrations for its 20th anniversary, invited business professionals, academics and policymakers to share insights on the economic development of China.
Estimates showed that China's current relative status to the United States was similar to Japan's in 1951, and South Korea's in 1977, who were in their high-speed development period, said Lin, also the bank's senior vice president, at a forum held in Hong Kong.
"By the year of 2030, measured by purchasing power parity, China's economic size may be twice as large as the US," and China's per capita income would be half of that of the US by then, predicted Lin.
Measured in PPP, China's per capita income was 21 percent of that of the US in 2008.
Lin also noted that China should face challenges while endeavoring to maintain vigorous growth. He pointed out that China should consider ways to rebalance its economy towards domestic demand, given the inevitable slowdown in exports and the need to cut trade surplus.
China also needs to reduce its income disparities and rebalance short-term growth and long-term environmental sustainability, he added.
"It is imperative for China to address the structural imbalances, by removing the remaining distortions in the finance, natural resources and service sectors so as to complete the transition to a well-functioning market economy," the economist suggested.
The China Economic Development Forum, organized by the Hong Kong University of Science and Technology as a part of celebrations for its 20th anniversary, invited business professionals, academics and policymakers to share insights on the economic development of China.
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