Official Upbeat About China's Economy in Next Two Decades

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Last updated at: (Beijing Time) Sunday, December 29, 2002

Official Upbeat About China's Economy in Next Two Decades

The first 20 years of this century is a critical period for the Chinese economy to catch up and soar, said Zhu Zhixin, director of the China National Bureau of Statistics.

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The first 20 years of this century is a critical period for the Chinese economy to catch up and soar, said Zhu Zhixin, director of the China National Bureau of Statistics.

At a recent forum in Suzhou of east China's Jiangsu Province, Zhu predicted that in the first half of the 21st century, China would realize its potential for fast economic growth.

Zhu said that on top of the well-known factors such as a stable political and social environment, a huge domestic market and technology upgrading, China has the supply capacity to buttress further development.

After 20 years of reform and opening up and a five-year implementation of proactive fiscal policy, the nation's infrastructure and supply of basic products such as energy, transportation, irrigation and major raw materials have been greatly upgraded, said Zhu.

In terms of human resources, Zhu said the popularization of basic education and vocational training and expansion of university education have all added to the big pool of Chinese talent. Currently, China boasts a population of 50 million holding university or post-graduate degrees, ranking number two in the world, he said.

Meanwhile, China has ample capital reserve including a strong foreign reserve of more than 270 billion US dollars and a large amount of private bank savings ready for investment, Zhu said.

Zhu also noted that to ensure full play of the above factors, China needed further reform and coordinate anti-financial risks and economic development. The barriers of private economy should be lifted, he added.

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