Foreign experts confident in China's economy
Updated: 2011-10-26 15:30
By Hu Haiyan (chinadaily.com.cn)
BEIJING — Chinese economy will maintain the momentum of rapid growth driven by the urbanization and booming domestic consumption, according to experts.
Dominic Barton, global managing director of McKinsey, said on Tuesday that he is quite positive toward the prospect of China's economic growth in the future.
"Driven by the process of urbanization, I think China's economy will keep growing for at least ten years, but at a slower speed compared with the past decades," said Dominic at a forum at the Tsinghua University in Beijing.
"Although the current debt crisis may bring some adverse impacts on China's exports, its domestic consumption is on the increase and it can offset the effects to some extent," he said.
John Thornton, the chairman of Washington Bruce gold institute council, also said that the China;'s economic growth can be stimulated by domestic consumption
"China is investing much effort in building up an economic growth mode driven by domestic demand, which is more sustainable and independent than relying too much on exports," said John.
"China's domestic consumption market is of great potential. There are already about 250 million middle-class people here in China, but currently, their consumption amount just constitutes 20 percent of that of the American middle class. If their purchasing power can be brought into a full play, it is expected that the total amount of China consumption market can reach $1.9 trillion by 2025," said John.