Outlook not that pessimistic

A new round of reform is needed to inject vitality into the Chinese economy and make its growth sustainable

China's declining economic growth rate has been discussed at different forums at length. Some scholars argue that China has exhausted all its advantages in demographic dividend, globalization and reform, and therefore the decline is unavoidable. There is nearly a consensus that China's economy will slow down, and the debate is mainly on the actual rate of growth.

We should respect the economics cycle and not harbor the illusion of registering further double-digit growth. Our research shows that the fast-growing economies, with the sole exception of Taiwan, registered a drop in their growth rates in the fourth decade of their economic development.