Chinese economy to continue to grow

New York

China has the potential to maintain an annual economic growth rate of 6 percent until the 2030s, said former senior vice president and chief economist of the World Bank Justin Lin Yifu. Lin, also the honorary dean of National School of Development at Peking University, made the remarks while delivering a keynote speech during the “Forecast: China’s Economy 2018,” an event hosted by the National Committee on U.S.-China Relations and Peking University’s China Center for Economic Research in New York. He attributed his confidence in the Chinese economy to the fact that “China’s labor productivity will improve continuously in the years to come.” The economist explained that the way to maintain economic growth is to improve labor productivity, and the way to raise labor productivity is to “have technology innovation as well as industrial upgrading.” Lin said that compared to developed countries like the United States, China, as a developing economy, has the so-called “latecomer advantage” in terms of technology innovation and industrial upgrading. —Xinhua

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