Global EditionASIA 中文雙語Fran?ais
    Business
    Home / Business / Policies

    China's growth target achievable, appropriate, economist says

    By Liu Zhihua | chinadaily.com.cn | Updated: 2024-03-29 23:59
    Share
    Share - WeChat
    Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University. [Photo provided to China Daily]

    A moderately rapid growth of around 5 percent annually is both achievable and appropriate for a country at China's stage of development, a senior economist said.

    Jeffrey Sachs, a world-renowned professor of economics and director of the Center for Sustainable Development at Columbia University, said in an exclusive interview with China Daily that China's superhigh growth phase made sense when it had a huge surplus of rural labor and was still far behind the United States in terms of technology.

    "Now there is no surplus of labor and China is at or near the technology frontier in all sectors. Growth has therefore slowed from around 10 percent per year to around 5 percent per year, still far higher than in the US and Europe," he said.

    Sachs said that new quality productive forces mean cutting-edge technologies that promote sustainable investment.

    They include 5.5G, soon to be 6G, digital platforms for health, education, payments, industry and land management, electricity-based means of transportation, hydrogen economy, and advanced robotics among others, he said, adding that China is at the forefront of technological advancement, but can and should coordinate with other BRICS members as well as other nations to further advance its technologies.

    China has registered better-than-expected economic data so far this year, with the industrial output growing 7 percent year-on-year in the first two months compared with a 6.8 percent rise in December.

    Fixed-asset investment increased 4.2 percent year-on-year during the same period compared with a 3 percent annual growth in 2023.

    Retail sales growth slowed to 5.5 percent year-on-year during the two months compared with 7.4 percent in December, but it is in line with market expectations.

    According to Sachs, there are two positive and fundamental drivers of the Chinese economic growth — technological advancement and the high saving rate, which underpins continued high rates of investment and growth.

    He said the US' attempts to hinder China's growth, which is "a disreputable policy in violation of international law", is having a negative impact by slowing China's exports to the US and stagnating US investments in China.

    "Because of the slowdown in China's exports to the US and Europe, China faces a shortfall in aggregate demand. China has the productive supply-side capacity for rapid growth, but the markets for China's ... output are now hindered by US and EU protectionism," he said.

    In addition, China has certain structural and cyclical challenges such as a high level of real estate debt. These structural factors are "normal" and solvable, but they present practical challenges, he said.

    Sachs suggested boosting China's internal investments via measures such as speeding up the deep transformation of the economy to green and digital technologies, while expanding exports to other developing countries.

    "This can be done, for example, by expanding the Belt and Road Initiative and financing strategies, including an expansion of the AIIB (Asian Infrastructure Investment Bank) and the New Development Bank, and expanded renminbi-based financing through Hong Kong and Shanghai financial centers."

    He also suggested that China appeal to the World Trade Organization and other international bodies to stop the US' illegal attacks on the Chinese economy.

    Despite the challenges facing the Chinese economy, the economist said he is confident that "China will chart a course of continued rapid economic growth and technological advancement".

    Sachs said he believes that the US is trying to drive foreign investors out of China as part of its decoupling or "de-risking" strategy, and China will overcome the anti-China policies by keeping an open door, continuing to internationalize the renminbi, expanding the cooperation among BRICS nations, and expanding the BRI and other global initiatives including the Global Development Initiative.

    "With all of that global cooperation, China will continue to attract high-quality inbound investments," he said.

    The economist also pointed out that the governments at all levels in China need to prepare medium-term and long-term fiscal frameworks to clarify their debt-management strategies and capacities.

    "Debt can be a driver of long-term development, but needs to be managed systematically and prudentially. This, of course, requires systematic planning and prudential regulation of debts," he added.

    Top
    BACK TO THE TOP
    English
    Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
    License for publishing multimedia online 0108263

    Registration Number: 130349
    FOLLOW US
    CLOSE
     
    亚洲äv永久无码精品天堂久久| 日本妇人成熟免费中文字幕| 伊人久久无码精品中文字幕| 亚洲中文久久精品无码| 中文字幕亚洲欧美专区| 国产aⅴ无码专区亚洲av| 亚洲性无码一区二区三区| 无码精品国产一区二区三区免费| 人妻中文久久久久| 亚洲AV中文无码字幕色三| 国产成人无码精品久久久免费 | 无码国产精品一区二区免费 | 狠狠躁狠狠爱免费视频无码| 中文字幕日韩欧美一区二区三区 | 中文字幕无码免费久久| 久久久久久久人妻无码中文字幕爆| 无码人妻精品一区二区三区蜜桃 | 无码AV动漫精品一区二区免费| 日韩中文字幕在线| 免费在线中文日本| 亚洲乱码中文字幕综合| 精品国产aⅴ无码一区二区| 中文字幕一区二区三区在线不卡 | 无码人妻一区二区三区在线视频| 久久亚洲精品无码aⅴ大香| 日韩人妻无码一区二区三区综合部| 最近中文字幕免费mv在线视频| 99re热这里只有精品视频中文字幕| 香蕉伊蕉伊中文视频在线| 天堂网www中文在线| 亚洲中文字幕无码一区二区三区 | 色婷婷综合久久久久中文字幕| 一本大道香蕉中文在线高清 | 免费无码又爽又黄又刺激网站| 国产AV无码专区亚洲精品| 91无码人妻精品一区二区三区L | 亚洲一区二区三区无码中文字幕 | 毛片免费全部播放无码| 伊人久久综合精品无码AV专区| 亚洲AV无码一区二区乱孑伦AS| 一本一道av中文字幕无码|