China economy keeps potentials for sustainable development

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BEIJING, Sept 10 (Xinhua) China economy still keeps potentials for sustainable development, but it is unrealistic for it to keep growing at a speed of over 10 per cent for a long time, said a well-known economist of the Chinese Academy of Social Sciences (CASS). brLi Xiangyang, deputy director of the institute of world economics and politics (IWEP) of CASS and one of the four economists making lectures on domestic and international economic situation to China's top leading group, the political bureau of CPC central committee in April, made the remark when being interviewed in the financial lecture room, a video programme launched by the news agency on September 9. brChina's export, one of the three driving forces for the country' s economic growth, has been slowing down drastically this year as a result of dampened consumption of advanced countries and weakening US dollar. The slowing export together with galloping inflation has aroused a widespread concern about the growth of China economy. Does the growth of China economy see a turning point when the world economy suffers a big adjustment brThe economist disagreed that China economy sees a turning point.brBut he also noted that it is unrealistic for China economy to maintain a 10-plus per cent growth in a long run as it did in the past few years. brGlobally, the world economy, which has been growing at around 5 percent in the past decade, is unlikely to maintain such growth in the future, said he, adding that one of the important reasons is the long-term effect of subprime mortgage crisis, which will gradually come out. brDomestically, the economist pointed out, since the central government put forward transformation of economic growth mode, China has called for reducing energy consumption, having more awareness of environmental protection, raising social welfare level, realising regional balance and adjusting industrial, all of which have led to a rise in labour cost and will gradually put an end to the development stage featuring high rate of return on investment.