Beijing: China has the potential to achieve an annual growth rate of 8 per cent for another 20 years, a report of the World Bank said. (Agencies)
World Bank Chief Economist and Senior VP Justin Yifu Lin said that estimates showed that China's current relative status to the US was similar to Japan's in 1951, and South Korea's in 1977, which were in their high-speed development period.
A news agency quoted Lin as saying, "By the year of 2030, measured by purchasing power parity, China's economic size may be twice as large as the US...and China's per capita income would be half of that of the US by then.”
Measured in purchasing power parity, China's per capita income was 21 per cent of that of the United States in 2008, he said at the 'China Economic Development Forum', organized by the Hong Kong University of Science and Technology.
Lin, however, said China should consider ways to rebalance its economy towards domestic demand, given the inevitable slowdown in the exports and the need to reduce trade surplus.
China also needs to reduce its income disparities and rebalance short-term growth and long-term environmental sustainability, he said.
Beijing: China has the potential to achieve an annual growth rate of 8 per cent for another 20 years, a report of the World Bank said.