Persistent economic reform, continuously increasing domestic demand and active participation in economic globalization will keep the Chinese economy full of vigor in the coming two decades, said Long Yongtu, secretary general of the Boao Forum for Asia, at the "Calyon Corporate--CLSA 'China Day' Forum" held Tuesday.

China's WTO accession enhanced the influence of these three major driving forces, Long said, which have kept the rapid-developing trend of the economy and provided huge opportunities for European investors.

Since the reform and opening up more than twenty years ago, the Chinese economy has displayed full vitality, especially the sector run by private citizens, whose GDP proportion has risen from 1 percent in 1989 up to today's near one third, and is bound to keep rising in future.

Economic growth has forcefully driven domestic demand, Long said, along with noticeably improved living standards of the people, greatly increased incomes and continuously emerging consumption groups created in the urbanization process. The ranking of high and medium income stratum keeps enlarging. China has made great efforts to enable more than 90 million rural population to settle in cities gradually and become new urban consumption groups. Rural demand is also being tapped, and it is becoming increasing clear that China will be the largest market in the world.

Economic globalization offered opportunity for China, while China's economic advancement in return injected vigor into the world economy. China's WTO accession sped up the country's economic reform, which will exert far-reaching influence on the development of both China and world economy.

By People's Daily Online