Justin Yifu Lin, Senior Vice President and Chief Economist of the World Bank, said on November 11 that the record-breaking large scale economic stimulus package China recently launched is sufficient for China to maintain a comparatively rapid economic growth rate of 8% to 9%. This is also China's biggest contribution to the world economy in this particular situation.
He agreed with what Chinese Premier Wen Jiabao has once said, that China's positive measures to ensure smooth and rapid growth of its own economy is already China's biggest contribution to the global economy.
Lin analyzed that, in order to maintain such a rapid growth, China will undoubtedly import massive amounts of natural resources. This is practically the same as providing indirect economic stimulus to exporters.
At the same time, China still needs to import intermediate products and commodity capital. Consequently, this will offer market opportunities to other mid to high-income countries.
In response to whether China needs to take further measures to stabilize the economy, Lin said that the investment of 4 trillion yuan is already "quite enough." The next step would be to well plan and implement the investment.
By People's Daily Online
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