China is set to grow at an annual average rate of 8% for many years to come, but the country needs to carry out broad structural reforms to ensure that prosperity is shared by all, says a Chinese investment official.
"China's growth strategy will not only be important for the country itself, but also for its neighbors, and for the rest of the world," says Jin Liqun,
Chairman of the Board of Supervisors of China Investment Corporation in a presentation at the Asian Development Bank's (ADB) Eminent Speakers' Forum.Jin says reforms which will help unlock the economy's full potential include greater focus on technology and quality in production, a higher skilled labor force, increased support for private sector development, improved infrastructure, and faster shift of people from the countryside to the cities.
He notes that while Asia emerged in relatively good shape from the recent global financial crisis, thanks to policy and structural changes made in the wake of the 1997-1998 Asian financial crisis, there is no room for complacency as the performance of the global economy remains uncertain given still-fragile conditions in the United States, sovereign debt problems in Europe, and rising trade and currency frictions.
Despite current tensions, China remains keen to cooperate with the US on macroeconomic and governance issues to ensure future economic growth is both sustainable and inclusive. China is also keen to step up support for Asia's regional integration initiatives.
"I think we should cooperate in many areas such as financial supervision, as well as in areas such as climate change, improving the environment and addressing poverty problems which linger in Asia," he says.
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