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People's Daily Online>>China Business

Economist: China to maintain economic growth around 8 pct

By Han Shasha (People's Daily Online)

15:41, February 09, 2012

Steen Jakobsen

On Feb.6, 2012, People’s Daily Online interviewed Steen Jakobsen, chief economist of Saxo Bank, who talked about China's current economic situation amid global economic downturn.

Steen Jakobsen said that China's economic growth rate will maintain 7.5 percent to 8 percent so that it will be inside China's range of slight slow but still a nice growth.

He said, "First of all, I notice that changes when China announcing the new Five-Year Plan will change the focus from growth to more balance." He said that the rebalance goes toward the middle class. To economists, it means that the economy now in China is going to be more focused on distributing wealth more broadly. It is about creating consumer demand among the middle class.

China has to face a slight economic slowdown because world's economy is slowing down. He thinks that China has correctly stated that it should increase private consumption so that to keep its growth.

"Secondly, the Chinese economy needs to be more mature," he suggested. For a long time, China's basic model was relatively cheap labor, great export market, very hard-working workers and systems that promote growth.

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