Worries about post-Olympic economic decline unnecessary: economist

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Last updated at: (Beijing Time) Friday, December 19, 2003

Worries about post-Olympic economic decline unnecessary: economist

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Worries about economic decline after the 2008 Olympics are unnecessary, said Professor Li Yining, president of the Guanghua School of Management, Peking University, at the "21st Century Forum" 2003 meeting being held in Beijing.

Why China won't meet the problem once occurred in some Olympic hosting countries? Li's answer is that on top of the driving force of the 2008 Beijing Olympics and the Shanghai 2010 World Expo, other important elements also injected fresh energy into China's economy, such as the strategies of west region development and revitalization of old industrial base in northeast China. Besides, the enthusiasm for non-governmental investment is rising. These factors may keep China at a comparatively high growth track for quite a long period.

The nation's primary, secondary and tertiary industries all have certain potential for growth, the renowned Chinese economist pointed out. In rural areas, agriculture is moving forward under scientific guidance and an economy of scale spurred by new regulations on the transfer of land use rights is emerging; the industrial structure is to be updated and new industries are rising, and traditional industries also need to be streamlined by hi-tech; while the tertiary industry, lagging quite far behind world average, is of remarkable potential for growth.

China is a market of the largest potential, Li said. The whole country is in a period of consumption adjustment and update, in which housing, auto, cultural education, traveling are taking an increasing proportion in consumption structure and playing a more important driving role. The government is adopting various means to boost the income of its 900 million peasants, so the potential in rural market is amazing. The urbanization construction, which is just under way, will also provide huge opportunities for investment, consumption and job market.

By PD Online staff member Li Heng

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