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Should the second largest economy in the world makes full use of its ability to stablize growth, expand aggregate demand and implement supply side structural reforms, then China will be able to keep its economic growth above 6.5 percent for the remainder of this year as well as throughout the country's 13th Five-Year Plan period (2016-2020).
This is according to renowned Chinese economist Justin Yifu Lin at an economic forum held on Aug. 16. Lin also stated his belief that China will contribute over 30 percent of the world's economic growth in the same period.
Since 2012, China's economic growth has slowed down. Lin, former chief economist of the World Bank, said that internal factors like the system, mechanism, growth pattern and structure of the supply side can be named as factors in the downturn. In addition, external and periodic factors have also contributed, Lin said, adding that other BRICS countries have gone through similar challenges during the same period.
Meanwhile, the vice president of the Chinese Academy of Social Sciences, Cai Fang, holds that the economic slowdown is a reflection of China's entrance into a new phase of economic life, characterized by the disappearance of demographic dividends.
"After six years of adjustment, China's economy is very close to its bottom," said Liu Shijin, former minister of the Development Research Center of the State Council. China's economy is not expected to slide any further, which means that it will soon enter a medium-growth-rate period, Liu noted.
However, Liu explained that being close to the bottom is not the same thing as actually being at the bottom. He pointed out that reaching the true bottom will also cause instability and economic uncertainty.
Yuan Zhigang, former dean of the School of Economics of Fudan University, suggested promoting supply-side structural reform to cope with the economic downturn.
(PEOPLE'S DAILY ONLINE)