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World Bank vice president shows optimism on China's economy

(Xinhua)
Updated: 2009-06-23 17:37

The Chinese economy is likely to continue marking a fast growth rate amid a prolonged economic crisis as it shows particular growth advantages, Justin Yifu Lin, World Bank Chief Economist and Senior Vice President, said Tuesday in Seoul.

During an interview with Xinhua correspondents in Seoul, Lin said China's economy is expected to have a 7.2 percent growth for 2009, followed by a 7.8 percent growth in 2010, citing the World Bank's newly-released Global Development Finance report.

Related readings:  WB raises China 2009 growth forecast to 7.2%  China's economic growth still respectable, says WB  WB: China's recovery could start this year  World Bank cuts 2009 global growth forecast

However, he said as the Chinese economy still has enough room for stronger fiscal stimulus packages and liquidity supply, a growth rate over 7.2 percent is achievable.

"I personally expect that the growth rate could reach 8.0 percent," he added.

Lin pointed at three advantages of China's economy that strongly contributed to its growth potential, which include well- structured fiscal conditions, the world's highest foreign currency reserve, and more room for the government to push for expansionary measures.

He also said China had its economic advantages in its fiscal policies, ongoing industrial upgrade, and domestic demand expansions.

The interview was held after an economic forum in Seoul, where Lin gave a keynote speech stressing it was not the right time to discuss "exit strategies" for the global economy.

During his speech, he said as indicators of the real economy still remain sluggish, or even deteriorated, the governments around the world are to focus on pushing for more effective expansionary fiscal measures, as well as devising globally coordinated measures to utilize excess capacity.