(NATIONAL BUREAU OF STATISTICS / CHINA DAILY)
The Chinese mainland economy has entered a new stage – and is shifting from high to moderate growth, says Liu Shijin, an adviser to the central bank.
As former vice-chairman of the Development Research Center, a think tank under the State Council, Liu addressed a forum on Thursday held by the Chinese General Chamber of Commerce in Hong Kong.
He said that economic growth on the mainland was slowing – especially in the second half of 2018. But Liu said that this was in line with expectations.
The outcome of Sino-US trade negotiations this week in Beijing remains uncertain. The extended three-day talks between the two sides have ended – but no major breakthroughs have been announced.
Liu predicted the nation’s economic growth will see signs of pullback – even without taking account of the impact of Sino-US trade tensions.
Recently there have been more discussions about the potential impact of China's economic slowdown and transition. The National Bureau of Statistics predicted this week that China would achieve a 6.5 percent GDP growth target for 2018, but is expected to achieve GDP growth of 6.3 percent in 2019.
Liu said that despite the slowing pace, China is still the largest growing economy in the world. He said the nation was able to meet its goal of doubling 2010’s GDP by 2020 – with annual growth of 6.2 percent in the next two years.
After this, the economy would still grow at between 5 and 6 percent or around 5 percent – which is likely to last for 10 years or longer, he said.
Liu believes this will lay an important foundation for future development goals.
Discussing the economy, he said monopolies on industries such as oil and gas, electricity, telecoms, railways and finance should be broken up; the service sector also needed to be opened up further.
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