China can avoid middle income trap due to productivity improvement

SINGAPORE, Nov. 14 (Xinhua) -- China can easily avoid what is known as the middle income trap given its still rapidly growing productivity, said Frank Gong, managing director of J.P.Morgan Securities (Asia Pacific) Limited.

Speaking at the CapitaLand International Forum in Singapore on Wednesday, Gong said China's gross domestic product (GDP) is expected to double in nine years even if its growth slowed to 8 percent in nominal terms, or 5 percent in real terms.

The Chinese economy has achieved 9.9 percent of real growth per annum on average over the past 30 years, and the nominal growth was around 15 percent, he added.

Gong said he is confident that China can "easily" achieve that if it continues to push forward market-based reforms.

We recommend:
A Decade of Fastest Development	Eastern Boom Lightens Western Gloom	Oct. data released, inflation slows
Gold collection issued to mark 'Year of Snake'	China: A Fast-growing Force in IPR	13th Int'l Automobile Industry Exhibition
China Int'l Industry Fair opens in Shanghai	Caofeidian coal wharf put into use	Canton Fair wraps up on Sunday