China can cope with slowdown, Zoellick says
Source: Xinhua |
July 31, 2012, Tuesday
|
Print Edition
Print Edition
ROBERT Zoellick, former president of the World Bank, yesterday said China has resources to cope with the economic slowdown which will result in a soft landing while the debt-ridden eurozone will not break up even if Greece leaves the currency union.
Zoellick, who was in Singapore, said inflation has been a deep concern in China in the past decade, thus a slowdown and transition is necessary.
"Some of the actions lower the growth pattern," Zoellick said.
He said the situation China now faces is very different from 10 years ago, when it needed to create 23 millions jobs a year. Nowadays, China needs to create high-productivity, high value-added jobs instead of low value-added jobs, which create opportunities and possibilities for future competitiveness.
He said that if China adjusts the structure of its economy, it will achieve "more of a soft landing."
China's economic growth was 7.6 percent in the second quarter of this year, the first time it dipped below 8 percent in more than two years, causing concern among some economists.
Zoellick also said there are still internal debates on how much China needs to rely on traditional economic stimulus tools even though they have recognized the importance of the structural changes required.
He insisted China's leadership would "move gradually." If China provides more opportunities to participate in the service sector it will give Singapore, the US and other nations the chance to invest in energy efficiency and water efficiency, Zoellick added.
Zoellick also said the eurozone crisis centers on Spain and Italy and much less on debt-ridden Greece.
"The Germans are right," he said. "Spain and Italy have to make fiscal reforms, and they also have to make structural reforms to boost competitiveness."
However, Zoellick said the possibility of a Greek exit from the eurozone will not lead to the group splitting up.
Zoellick, who was in Singapore, said inflation has been a deep concern in China in the past decade, thus a slowdown and transition is necessary.
"Some of the actions lower the growth pattern," Zoellick said.
He said the situation China now faces is very different from 10 years ago, when it needed to create 23 millions jobs a year. Nowadays, China needs to create high-productivity, high value-added jobs instead of low value-added jobs, which create opportunities and possibilities for future competitiveness.
He said that if China adjusts the structure of its economy, it will achieve "more of a soft landing."
China's economic growth was 7.6 percent in the second quarter of this year, the first time it dipped below 8 percent in more than two years, causing concern among some economists.
Zoellick also said there are still internal debates on how much China needs to rely on traditional economic stimulus tools even though they have recognized the importance of the structural changes required.
He insisted China's leadership would "move gradually." If China provides more opportunities to participate in the service sector it will give Singapore, the US and other nations the chance to invest in energy efficiency and water efficiency, Zoellick added.
Zoellick also said the eurozone crisis centers on Spain and Italy and much less on debt-ridden Greece.
"The Germans are right," he said. "Spain and Italy have to make fiscal reforms, and they also have to make structural reforms to boost competitiveness."
However, Zoellick said the possibility of a Greek exit from the eurozone will not lead to the group splitting up.
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