Economist: China Can Maintain Rapid Growth over Next 30 Years
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China can maintain rapid economic growth over the next three decades, which will ensure that what's now the fourth largest economy ranks among developed nations.
Guo Shuqing, chairman of China Construction Bank Corp., made that prediction in Caijing Magazine's 2008 yearbook, issued in December.
Guo said that human resources, an advanced legal system and proper macroeconomic policies would determine the course of development in the next 30 years.
He said education and technology were the key factors in human resources development.
China was at a low level of development, he wrote, with economic growth driven primarily by investment and exports in the past three decades. Technology was adopted from developed nations.
Guo urged the country to pay more attention to improving a legal system, since a stable and peaceful society relies on a sound legal system. He said judicial bias, poor legal professionalism and inadequate legislation have hampered the construction of the legal system.
The third factor Guo highlighted was suitable macroeconomic policies. He said the lessons of the country's past 30 years of development and lessons from Japan and the United States were crucial and valuable for the next 30 years.
(Xinhua News Agency January 3, 2009)