China Will Lead World in Economic Growth Next Decade, Minister

Zeng Peiyan, China's minister in charge of the State Development Planning Commission, said March 28 that China will have the world's fastest growing economy and the market with the greatest potential during the coming decade.

In a report delivered at the China Development Forum focusing on the prospects for China's economy during the next 10 years, Zeng said that the projected figure of China's GDP in 2010 will double from what it is this year, with an annual growth rate of about 7 percent.

He said that "China is absolutely capable of maintaining a comparatively high speed of development, to lay a solid foundation for realizing modernization by the mid 21st century." He pointed to the coming ten years as a "critical period" in China's approach to the third phase of its modernization drive. "The establishment of a rather integrated socialist market system and maintenance of sustained, rapid, and healthy economic development are two major subjects that need to be settled properly," he stressed.

He also briefed the forum on several major strategies for China 's economic development during the first decade of the 21st century.

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