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China to maintain 8% annual growth for years

China will grow at an annual average rate of 8 percent for many years to come, but the country needs to carry out broad structural reforms to ensure that prosperity is shared by all, a leading Chinese investment official said on 12th Nov.2010.

"China's growth strategy will be important for both the country and the rest of the world," Jin Liqun, Chairman of the Board of Supervisors of China Investment Corporation said at the Asian Development Bank's Eminent Speakers' Forum .

Jin said 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.

"I am sure urbanization will continue and it will contribute substantially to the reduction of poverty in hinterland provinces, " he said.

Social reforms, such as greater support for migrant worker families are also necessary, along with fiscal and monetary policy changes which put greater emphasis on macroprudential measures.

On Asian economic development, Jin said, while Asia emerged in relatively good shape from the 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.