World Bank Chief Economist and Deputy President Justin Yifu Lin has expressed his optimism about the Chinese economy saying that it will continue to grow at 8-10% in the following 20 to 30 years.
He made the remark in an interview with the Swedish newspaper Svenska Dagbladets economic sector during his participation of a seminar on climate change between Swedish experts and Chinese economists held in Stockholm late last week.
He said he expected that this year's economic growth in China will be about 10%. By 2030, Chinese economy will be bigger than that of the US and China's per capita income will be 30-50% of the US level.
He cites four main reasons for his prediction.
One of the most important reasons is that China still has the technical potential for further development, said Lin.
"As a developing country, China has the advantage of introducing and using the advanced technology in other countries for its own technological development."
The second reason is that the Chinese savings are still very high, so they have money for new investment.
"We also have the advantage of labor resources so that they can move from sector to sector. And another reason is that China itself is a great market, so it can both sell its product in China and sell it abroad." Lin told the Swedish newspaper.
He argued that it is important to identify the problem and then find the solution. He thinks that the Chinese central government is fully aware of the problems, the matter is how to solve the problems.
Lin thinks that whether the government can narrow the gap between the rural and urban areas plays an important role. In the campaign of building new socialist rural areas, the tax will be lowered, the infrastructure will be improved and education will be compulsory and free of charge.
Lin told the Swedish reporters that he participated a lot in discussing the new policies in China especially about rural issues.
"I try to understand the rural issue all the time and how we can find the hindrance. It's better to learn and listen before drawing any conclusion. "
He says that no politics is suitable for all countries.
About his new mission in the World Bank, Lin said he will pay more attention to Africa's poverty and health problems.
Justin Yifu Lin was in Stockholm to attend a seminar on climate change. This is the first time that senior Chinese economists gathered together with experts in environment and climate issues to search for specific solutions for reducing carbon dioxide in China.
By People's Daily Online correspondent in Stockholm Xuefei Chen
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