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People's Daily Online>>China Business

"China engine" expected to roar ahead amid global economic woes (3)


15:20, March 04, 2012


Since the beginning of the year, many institutions including the International Monetary Fund (IMF) and the World Bank have rolled out their projections of China's growth rate in 2012.

These institutions agreed that China will grow above the enviable level of 8 percent in 2012, with sustained growth in the years to come.

The Chinese economy showed signs of slowdown in 2011, as a result of abating external demand and the introduction of policies to change its economic growth model.

Nonetheless, the basics of the Chinese economy are healthy and the Chinese government has abundant means of macroeconomic adjustments, said Sergei Sanakoev, director of the Russia-China Trade Cooperation Center, adding that there is no serious threat that could lead to recession in China in the next few years.

Amid heated discussions about whether the Chinese economy will have a soft landing or hard landing, Maurice Greenberg, former chief of the American International Group, said he believed a soft landing is more likely as China is more agile in decision-making than many other countries.

If a certain issue needs urgent decision, China could always do it, he said.

Arvind Subramanian, a senior fellow at the Washington-based Peterson Institute for International Economics, also recognized that the stable development of China's economy bears special significance for the global economy.

He said China should be given a "greater voice" in key global organizations including the IMF and the World Bank as Chinese policies are now of greater systematic significance at a global level.

The expert also noted that China has to deepen its economic reforms so as to overcome the structural obstacles and achieve sustained growth.

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