China's peaceful rise enhances world stability, development (2)

"The traditional western growth theory is now obsolete. We need to transit the society which is based on values of less resource consumption and more social equality," he added.

Moeller, who is also the author of the book "How Asia can shape the world," believes that the world is moving from an era of plenty to scarcities, especially in raw materials and energy, labor force and social equality.

"In the last 30 years, Asia has experienced high growth with easy access to raw materials, low commodity prices, no energy problems and a growing labor force. But things are changing. In the future, the global growth will be slower. We will have to face a shortage of raw materials. There will not be enough energy. Oil prices will rise," said Moeller.

He remarked that the scarcities of energy and raw materials will be a major barrier for economic growth.

"Another barrier to growth is the increasing inequality, both in East and West. When the inequality increases, the share of the income from the labor force will decline which will lead to lower consumption and lower growth," said Moeller.

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