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People's Daily Online>>China Business

Word Bank: Chinese economy can make soft landing

By Wang Piyi (People's Daily)

16:41, January 20, 2012

Edited and translated by People's Daily Online

The World Bank issued the “Global Economic Outlook Report 2012' in Beijing on Jan. 18, 2012.

People's Daily interviewed Justin Yifu Lin, World Bank Chief Economist and Senior Vice President, and Hans Timmer, Director of the World Bank's Development Prospects Group.

Q: Will China maintain strong economic growth?

A: According to the Global Economic Prospects 2012, China's economy is expected to grow 8.4 percent in 2012 and 8.3 percent in 2013, slightly slower than the previous two years.

Economic growth in China, representing about 80 percent of the GDP of the East Asia and Pacific region, eased last year from 10.4 percent in 2010 to 9.5 percent in the third quarter of 2011 (9.1 percent according to China's National Bureau of Statistics), and is expected to drop further in 2012.

An economic growth rate above 8 percent is still robust given the sluggish global growth. Robust economic growth, favorable fiscal situation, massive foreign exchange reserves, and heavy investment will help the Chinese economy make a soft landing in 2012.

According to China's official statistics, the Chinese government's fiscal deficit accounts for only 25 percent of its GDP; lower than any other country in the world. China still has much room for steady and rapid economic growth.

Furthermore, China also has plenty of room for improvement in industrial upgrading, infrastructure, and environmental and social projects, and is likely to maintain steady and rapid economic growth in the future. However, the country's economic growth will slow down sharply once its real estate bubble bursts.

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