China is confident that the current economic boom will continue until at least 2020.
The cycle of economic boom which began in 1978 is believed to have seen
an annual growth of 9.88 percent in the past 30 years, but have
recently experienced a slow down to 10.6 percent from last year’s 11.7
percent. Chen Dongqi, with the Academy of Macroeconomic Research is
quoted as saying "China's economy saw a marked slow down in the first
quarter as the US credit crunch bit." He also blames a rapidly-rising
yuan, along with raw materials and labor costs, which he believes have
put a clutch on the revenue of local businesses.
Chen, however, remains assured that the economy still has much room for
growth, regardless of the present negative factors. "We don't need to
worry about the long-term economic boom just because of the short-term
impact, the growth will be robust at least till 2020,” he said.
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China is confident that the current economic boom will continue until at least 2020.
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