China’s 8-pct growth to continue for another 20 years: leading economist

Leading Chinese economist Justin Yifu Lin on Tuesday said he expects China’s 8-percent annual economic growth to continue for another 20 years based on technological innovations and structural reforms.

Investment will still be a major driving force for future growth in the short term, Lin said at a session of the World Economic Forum’s 2012 Annual Meeting of the New Champions.

Lin, a professor with Peking University and former chief economist with the World Bank, suggested that China’s future economic stimulus package should put more weight on government investment rather than commercial loans to avoid excessive inflation.

China’s growth has slowed due to drops in exports and insufficient investment, said Lin, adding that China’s continued growth will bring prosperity to the whole world.

He also noted that public infrastructure investment is another answer to the ongoing global economic crisis, especially for developing countries.

Xinhua