Chinese Economy Expected To Continue Expanding Rapidly

Source: Xinhua | June 24, 2009, Wednesday |

Print Edition

THE Chinese economy is likely to continue marking a fast growth rate amid a prolonged economic crisis as it shows particular growth advantages, Lin Yifu, the World Bank's chief economist and senior vice president, said yesterday in Seoul.

Lin said China's economy is expected to expand 7.2 percent this year, followed by a 7.8-percent growth next year, citing the bank's newly-released Global Development Finance report.

However, he said that as the Chinese economy still has enough room for stronger fiscal stimulus packages and liquidity supply, a growth rate more than 7.2 percent is achievable.

"I personally expect that the growth rate could reach 8 percent," he added.

Lin pointed at three advantages of China's economy that strongly contribute to its growth potential, which include well-structured fiscal conditions, the world's highest foreign currency reserves, and more room for expansionary measures.

He also said China had its economic advantages in its fiscal policies, ongoing industrial upgrade, and domestic demand expansion.

In his keynote speech at an economic forum in Seoul, Lin stressed it was not the right time to discuss "exit strategies" for the global economy.

In his speech, he said as indicators of the real economy still remain sluggish, or even worsened, governments globally will focus on pushing for more effective expansionary fiscal measures.

Economy

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Chinese Economy Expected To Continue Expanding Rapidly

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