China set for No 1 spot by 2030
Editor: 管理员 Date:2011-03-25 Hit:3968
%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20World%20Bank%27s%20chief%20economist%20said%20on%20Wednesday%20that%20China%27s%20economy%20will%20probably%20become%20the%20world%27s%20biggest%20by%202030%2C%20when%20it%20will%20be%20twice%20the%20size%20of%20the%20United%20States%2C%20if%20measured%20in%20terms%20of%20purchasing%20power%20parity%20%28PPP%29.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22China%20could%20maintain%20GDP%20growth%20of%208%20percent%20over%20the%20next%2020%20years%2C%20which%20will%20make%20it%20the%20world%27s%20biggest%20economy%2C%22%20said%20Justin%20Lin%2C%20senior%20vice-president%20and%20chief%20economist%20at%20the%20bank.%20He%20added%20that%20by%202030%20the%20Chinese%20economy%20may%20be%20approximately%20the%20same%20size%20as%20that%20of%20the%20US%20at%20market%20exchange%20rates%20in%20terms%20of%20nominal%20GDP.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ELin%20made%20the%20remarks%20at%20the%20China%20Economic%20Development%20Forum%20in%20Hong%20Kong.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EIn%202010%2C%20China%20overtook%20Japan%20to%20become%20the%20world%27s%20second-largest%20economy.%20It%20has%20set%20a%20target%20of%208%20percent%20for%20GDP%20growth%20for%20this%20year.%20The%20country%20is%20also%20aiming%20to%20record%20average%20annual%20GDP%20growth%20of%207%20percent%20in%20each%20of%20the%20next%20five%20years.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ELin%20said%20that%20by%202030%2C%20the%20country%27s%20per%20capita%20income%2C%20measured%20in%20terms%20of%20PPP%2C%20may%20reach%2050%20percent%20of%20the%20per%20capita%20income%20in%20the%20US.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22It%20is%20imperative%20for%20China%20to%20address%20structural%20imbalances%2C%20by%20removing%20the%20remaining%20distortions%20in%20the%20financial%2C%20natural%20resources%20and%20service%20sectors%20to%20complete%20the%20transition%20to%20a%20well-functioning%20market%20economy%2C%22%20Lin%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EThe%20concentration%20of%20income%20in%20the%20corporate%20sector%20and%20the%20wealthier%20section%20of%20society%20is%20contributing%20to%20the%20rising%20disparity%20in%20incomes%20and%20other%20imbalances%20in%20the%20economy%2C%20he%20said.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22China%20still%20has%20huge%20potential%20to%20maintain%20strong%20growth%2C%20as%20the%20country%27s%20urbanization%20rate%20is%20likely%20to%20reach%2070%20percent%20by%202030%20from%20the%20current%2047%20percent%2C%22%20said%20Zheng%20Xinli%2C%20vice-president%20of%20the%20China%20Center%20for%20International%20Economic%20Exchanges.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EZheng%20said%20that%20the%20total%20GDP%20of%20Brazil%2C%20Russia%2C%20India%2C%20China%20and%20South%20Africa%20will%20account%20for%2047%20percent%2C%20or%20possibly%20more%20than%2050%20percent%2C%20of%20the%20global%20economy%2020%20years%20from%20now.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22But%20rising%20inflation%20and%20accelerating%20capital%20inflows%20are%20prominent%20problems%20facing%20these%20countries%20in%20the%20short%20and%20medium%20terms%2C%20especially%20China%2C%22%20said%20Zheng.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EYi%20Gang%2C%20deputy%20governor%20of%20the%20People%27s%20Bank%20of%20China%2C%20the%20central%20bank%2C%20said%20in%20Hong%20Kong%20on%20Wednesday%20that%20he%20was%20confident%20the%20government%20will%20be%20able%20to%20keep%20consumer%20price%20inflation%20at%2C%20or%20below%2C%204%20percent%20this%20year.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%22The%20inflation%20figure%20will%20rise%20to%20as%20high%20as%205%20percent%20in%20May%20or%20June%20this%20year%2C%20but%20because%20of%20the%20higher%20base%20figure%20of%20the%20second%20half%20of%202010%2C%20inflation%20in%20the%20second%20half%20of%20this%20year%20will%20cool%2C%22%20Yi%20said.%20%22So%20throughout%20the%20whole%20year%2C%20we%20will%20be%20able%20to%20meet%20the%20government%27s%204%20percent%20target.%22%3CBR%3EYi%20said%20he%20is%20%22comfortable%22%20with%20the%20current%20level%20of%20interest%20rates%2C%20and%20that%20raising%20them%20excessively%20would%20attract%20%22hot%20money%22%20inflows.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EChina%27s%20consumer%20price%20inflation%20rose%20to%204.9%20percent%20in%20January%20and%20February%20from%204.6%20percent%20in%20December.%20It%20hit%205.1%20percent%20in%20November%2C%20a%2028-month%20high.%20A%20drought%20in%20some%20major%20grain-producing%20areas%2C%20together%20with%20increases%20in%20international%20grain%20and%20oil%20prices%2C%20has%20led%20to%20growing%20concerns%20about%20rising%20inflation.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3ETo%20mop%20up%20excessive%20liquidity%20and%20help%20curb%20increasing%20inflation%20and%20asset%20bubbles%2C%20the%20central%20bank%20has%20raised%20reserve%20requirements%20for%20banks%20nine%20times%20since%20the%20beginning%20of%202010%2C%20and%20hiked%20interest%20rates%20in%20February%20for%20the%20third%20time%20since%20October.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3EStephen%20Green%2C%20senior%20economist%20with%20Standard%20Chartered%20Bank%2C%20said%20in%20a%20research%20note%20that%20the%20central%20bank%20will%20raise%20interest%20rates%20twice%20more%20in%20the%20first%20half%2C%20increasing%20them%20by%2025%20basis%20points%20each%20time%2C%20and%20economic%20growth%20will%20slow%20as%20a%20result%20of%20tightening%20measures.%3C/FONT%3E%3C/P%3E%0D%0A%3CP%3E%3CFONT%20face%3DVerdana%3E%3CBR%3E%3C/FONT%3E%26nbsp%3B%3C/P%3E
