Business / Economy

China's economy to grow steadily, dynamically

(Xinhua) Updated: 2014-01-07 16:07
NEW YORK - China would maintain steady and dynamic economic growth in 2014 on the back of its ongoing reforms, economists said at a forum Monday.

The forum was co-organized by the New York-based National Committee on US-China Relations and China Center for Economic Research (CCER) with Peking University (PKU).

CCER economist Lu Feng said China was likely to maintain steady growth of 7.5 percent to 8 percent in real terms in 2014.

He said three factors would affect China's macro-economic performance during the year: the impacts of the external environment, its fight against pollution and its prudent macro-economic policy.

"China's exports are estimated to pick up modestly in 2014 from the preceding year, possibly reaching double-digit growth," Lu told Xinhua at a press conference, citing an expected improvement in the global economy, which would benefit Chinese export sectors.

Lu also highlighted China's macro-economic policy, which set a goal of balanced and sustainable development, adding the country would retain its status as the biggest contributor to the world's economy.

Huang Haizhou, managing director of investment bank China International Capital Corp, said China's A-share market was likely to deliver an annual 20 percent return in 2014.

Justin Yifu Lin, former chief economist and senior vice president of the World Bank, said during his keynote speech that China was likely to maintain a dynamic economic growth in the next decade and more.

"China achieved an average of 9.7 percent growth continuously for 35 years. I would say it's a miracle in human history," Lin said.

China would maintain an average annual growth rate of 7.5 percent to 8 percent in the next few years, and had the potential to keep the rate at about 7 percent to 8 percent in the following 15 years, Lin forecast.

It would be "easy" for China to maintain the growth rate, when all the conditions facing the Chinese economy were put together, Lin said.

He cited several reasons for his optimistic opinion. First, the potential for investment in industry upgrading, technology innovation and environmental improvement was huge as China was still a middle-income country.

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