Economy to grow fast in next 3 decades

Source: Xinhua | January 5, 2009, Monday |

Print Edition

CHINA can maintain rapid economic growth over the next three decades, which will ensure that the world's fourth largest economy will rank among developed nations.

Guo Shuqing, chairman of China Construction Bank Corp, made the prediction in Caijing Magazine's 2008 yearbook, issued in December.

Guo said that human resources, an advanced legal system and proper macroeconomic policies would determine the course of development in the next 30 years. He said education and technology were key in human resources development.

China was at a low level of development, he wrote, with economic growth driven by investment and exports in the past three decades. Technology was adopted from developed nations.

Guo urged the country to pay more attention to improving its legal system since a stable and peaceful society relies on a sound rule of law. He said judicial bias, poor legal professionalism and inadequate legislation have hampered the legal system.

The third factor Guo said was right macroeconomic policies. He said the lessons of the past 30 years of development and lessons from Japan and the United States were crucial and valuable for the next 30 years.

Economy

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Economy to grow fast in next 3 decades

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