China's economy will continue to experience high growth rates over the next 15 to 20 years, according to renowned economists.
Speaking at the 2003 China Economic Growth Forum in Suzhou, Nobel laureate Lawrence Klein said China would continue to grow strongly in the next 20 years but the rate was likely to be closer to 6 or 7 percent rather than the current 8 or 9 percent. Goldman Sachs (Asia) Managing Director Fred Hu said the economy is backed up by the high proportion of savings deposits and mainly driven by longterm infrastructure investments.
The director of China's National Bureau of Statistics said China would be able to maintain a growth rate of 7 to 8 percent for years to come. Foreign reserves hit new record China's foreign currency reserves hit a record US$401 billion at the end of October, marking a 51 percent increase from a year earlier. Government officials said the country's foreign exchange reserves were now second only to Japan's. The economy grew by 8.5 percent in the first nine months of this year and the combined volume of imports and exports is expected to increase to US$800 billion for the whole year.