BEIJING, Apr 11: China is able to maintain annual gross domestic product (GDP) growth of 6.0 per cent in the next 10 years, Justin Yifu Lin, former chief economist of the World Bank (WB) firmly believes, Chinanews.com reported.
The growth rate is capable of satisfying targets in various aspects, Lin said at a meeting in the Boao Forum for Asia (BFA) Monday.
He said to make that possible, three things are to be done. The first is to build a comparatively prosperous society in a short term. China needs to eliminate poverty, an object needing efforts of not only the government, but also the companies.
Also, financial crisis should be avoided, Lin said, adding that the Chinese government is taking measures to lower leverage for a soft landing.
He also said that the business environment should be improved and that green development should be further promoted. "China must find balance by adhering to green development. Furthermore, an open economy in China will benefit from and benefit the global market," he explained.
Chinese economic growth should also be inclusive, which can be achieved by further deepening reform and building a modern society based on rule of law.
"China will possibly become the world largest economy, even when exchange rates are taken into consideration," Lin said. "By then, China's economy will account for more than 30 per cent of global economy annually, becoming a very good opportunity for enterprises and people around the world," the economist added.
The 2018 Boao Forum for Asia, themed "An Open and Innovative Asia for a World of Great Prosperity", is being held in Boao, South China's Hainan province.
Courtesy: People's
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