China's economic boom to last till 2020

Published: Friday, May 2, 2008, 13:41 [IST]
 


New Delhi, May 2 : China's economic boom is expected to last until at least 2020, according to an expert attached with the country's National Development and Reform Commission (NDRC).

According to Chen Dongqi, vice president of the NDRC's Academy of Macroeconomic Research, the cycle that started in 1978 when the reform and opening-up drive, has had its ups and downs during the past three decades. Nevertheless, he says the Chinese economy has registered an annual growth of 9.88 percent during this period.

Last year, he said that the economy expanded 11.9 percent, the fifth year of double-digit growth.

Chen, however, acknowledged the economy still had much room for growth despite the current negative factors.

"The economy is rather dependent on exports, but we still have huge room to deepen and expand the opening-up. The investment in the rapid urbanization process will also be a strong driver behind the economic growth," he said.

ANI
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