Chinese Economy Enjoys Bright Future: Morgan Stanley

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Last updated at: (Beijing Time) Sunday, March 23, 2003

Chinese Economy Enjoys Bright Future: Morgan Stanley

China should balance its domestic and external demand and maintain its rapid growth to achieve a greater scale of economic progress in the coming 10 to 15 years, Stephen Roach said Saturday.

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China should balance its domestic and external demand and maintain its rapid growth to achieve a greater scale of economic progress in the coming 10 to 15 years, Stephen Roach said Saturday.

Speaking at the China Development Forum, the chief economist for Morgan Stanley said the Chinese economy enjoys a strong growthmomentum currently and it is likely to maintain a rapid growth during the next three to five years.

Roach predicted a growth rate of seven percent for the Chinese eocnomy in 2003.

However, he said that the current fluctuation on international oil market may impact on the world economy negatively and affect China's export growth.

It has been correct for the Chinese government to have adopted active fiscal policies to expand domestic demand in recent years, Roach said.

Government support and direct foreign investment serve as the major factors in China's growth of domestic demand, and measures to stimulate the consumption by its citizens may play a greater role in promoting economic growth, he said.

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