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Chinese economy expected to stable, fast growth

(Xinhua)
Updated: 2008-07-27 19:55

The Chinese economy was likely to maintain stable and fast growth this year, despite being beset with problems and uncertainties, as fundamentals of the economy remained unchanged, Yao Jingyuan, National Bureau of Statistics chief economist, said on Sunday.

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He made the remark at a forum held in Beijing on energy conservation and emissions reduction and corporate social responsibilities. The forum was jointly sponsored by the international cooperation center of the National Development and Reform Commission and China Association of Resources Comprehensive Utilization.

According to Yao, the fundamental forces shoring up the Chinese economy -- industrialization, urbanization, market-oriented drive and internationalization -- had undergone no big changes and would continue to function as major drivers of the economy.

Yao said China was at in the middle stages of industrialization and there was still a long way to go before the nation entered the post-industrialization era. In quite a long period of time ahead, industrialization would continue to be a major driving force for the Chinese economy, he added.

He used the automotive sector as an example.

In 1992 China produced 1 million motor vehicles. The annual auto output doubled and reached 7.27 million units in 2006 and 8.8 million the following year. The production was expected to top 10 million units this year.

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