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China will retain a high economic growth

By Zhu Jianhong (People's Daily Online)

09:52, July 04, 2012

BEIJING, July 4 (People's Daily Online) -- China will retain a high economic growth in the future, Professor Liu Wei, Vice President of Peking University, said in the press conference of China Economic Growth Report 2012.

Recently economic growth rate has slowed down, compared to previous quarters due to influences from the world depression and domestic economic adjustments, however, industrialization and urbanization still speed up in China and there is great growth potential in both demand and supply, therefore the long-term trend of high speed growth has not been changed, he reviewed.

He said his current concern was not the rate of economic growth; even the annual growth rate reduced 8 percent, it would still be a relative good growth rate, compared to the rest of world.

What is worrying is how to improve the efficiency of growth and realize sustainable development. From the point of view of long-term economic growth after the economic reform and opening-up, China’s growth has experienced three circles, now China is in the bottom of the third circle, it can be predicted that China’s growth rate will be speeded up again in the near future as the problems of domestic demand are resolved or improved, international environments take a turn for better, and new local governments take posts in this or next year, Liu remarked.

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