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Scholars Optimistic about China's 7% Annual Growth RateDelegates to the China Development Forum March 28 voiced their optimism over China's achieving a seven percent annual growth rate in the next decade.Prof. Dwight Perkins from Harvard University described this target as "encouraging." Although China is facing numerous problems such as a surplus of goods and rising unemployment, the target of seven percent annual growth is "realistic" so long as China continues its reform, he said. Perkins stressed the significance of China's entry into the World Trade Organization (WTO), as the entry will pressure China to deepen its reforms. Prof. Lawrence Lau from Stanford University said he is less optimistic over the seven percent annual growth rate. He praised the policy of developing the west and the urbanization as " directing the flow of capital." He also called for equal development opportunities for medium and small enterprises. Both professors, however, put forward suggestions that they think are of paramount importance for China at the moment. One is the establishment of an efficient and fair regulatory system; the other is establishing corporate governors in enterprises to make enterprises genuinely independent. Li Shantong of the Development Research Center of the State Council, agreed that only accelerated reform realize the seven percent annual growth target. "If economic restructuring has been successfully done, an even higher growth rate might be possible," she said. "China's fairly high savings rate, China's WTO entry and its labor force will lend impetus to the economic development of China in the next decade and after," she said. Li's colleague, macro-economy expert Mi Jianguo, told reporters that the macroeconomic indices of the first two months, including the index for investment in fixed assets and the consumption index, were healthy. "China's economy is proceeding into a new period of stable development," he said. However, how long this period will last depends on if economic opportunities are fully realized, he said. Mao Yushi, a distinguished Chinese economist, called for the establishment of efficient capital market and legal system to help transfer personal savings into investment. His remarks caused quite a sensation at the Forum.
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