U.S. economists anticipate less Sino-U.S. trade friction (2)

Both professors said China has started to shift itself from an import-export economy toward an economy driven by domestic consumption.

Domestic consumption, particularly that related to the service sector including retirement, education and health care, will witness growing demand in the coming years, predicted Goolsbee.

Kroszner also said that China is in transition to develop a robust "middle-class" population.

Kroszner suggested it is crucial for the government to build a financial sector that can provide sustainable entrepreneurial credit and consumer credit, so that this middle-class has more opportunities to grow.

Regarding China's economic outlook, Goolsbee anticipated mass, continuous urbanization in the country in coming years.

Goolsbee said the government may need to remain prudent in guiding the country to sustainable growth as sluggish global economic growth may force the Chinese economy to transit more dramatically.

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