The Chinese economy has the largest consumption potential of any economy in the world. Chinese consumption will be the world's main growth engine for the next 30 years.

To realize this potential, China must continuously reform its economy, most of all shift from growth due to simple factor accumulation to growth from technical progress, for example, making better use of existing capital and labor resources.

All the signs we see coming out of China suggest that the Chinese leadership understands this completely. I am therefore very comfortable with the outlook for the Chinese economy.