China Able to Build a Relative Affluent Society: Economists

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Last updated at: (Beijing Time) Sunday, December 08, 2002

China Able to Build a Relative Affluent Society: Economists

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The predicted continuous, rapid andhealthy development of the Chinese economy over the next 20 years means China can achieve the objective of building a relative affluent society, economists said Saturday.

At a forum on the congress and the Chinese economy, noted economists spoke on the new trends of the Chinese macro-economy and the development of the Chinese capital market.

Wang Mengkui, director of the Chinese central government's Development Research Center, said the Chinese economy enjoys huge potential for growth, adequate material basis and both domestic and overseas markets and resources.

Well-known economist Wu Jinglian said the 16th Party Congress stipulates that the central and local governments serve as investors on behalf of the state, a policy which helps to perfect and accelerate the reform of the state property management system,and serves as an impetus for establishing a socialistic market economy.

Lin Yifu, an economist of Beijing University, said the most important factor for economic development is technology upgrading and innovation. By introducing advanced technology from developed countries, China has the advantage of being able to achieve rapid economic development at a low cost.

Lin also suggested China lower its tariffs, open its market. and become more competitive internationally.

Well-known economist Dong Fureng said the private economy is sure to thrive since the 16th Party Congress urged its firm development.

Liu Wei, director of the Economic School of Beijing University,said China has entered into an accelerated period of industrialization and said it is entirely possible for the growth rate of Chinese economy to reach 7.5 to 9 percentage points.

Source: Xinhua News Agency

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