NEW YORK michael kors bedford shoulder bag large , Jan. 9 (Xinhua) -- China has the potential to maintain an annual economic growth rate of 6 percent until the 2030s, said former senior vice president and chief economist of the World Bank Justin Lin Yifu Tuesday.
Lin, also the honorary dean of National School of Development at Peking University, made the remarks while delivering a keynote speech during the "Forecast: China's Economy 2018," an event hosted by the National Committee on U.S.-China Relations and Peking University's China Center for Economic Research in New York.
He attributed his confidence in the Chinese economy to the fact that "China's labor productivity will improve continuously in the years to come."
The economist explained that the way to maintain economic growth is to improve labor productivity, and the way to raise labor productivity is to "have technology innovation as well as industrial upgrading."
Lin said that compared to developed countries like the United States michael kors saffiano satchel medium , China, as a developing economy, has the so-called "latecomer advantage" in terms of technology innovation and industrial upgrading.
He further stated that developing countries like China can "learn technology that has been matured in high-income countries," so that "the cost and risks of innovation are comparably low, and potentially, developing countries can grow more dynamically than high-income countries."
According to Lin michael kors naomi satchel navy , China has benefited from the "latecomer advantage" in the past 40 years and achieved an annual growth rate of 9.6 percent, which was hailed as a miracle by many all over the world.
For the years to come, he predicted that China will continue to maintain a faster growth rate compared to developed countries.
To further illustrate his prediction, Lin cited his latest study of the world economy in the past 70 years, pointing out that "In 2008, the per capita GDP of China was 21 percent of the United States michael kors weston medium satchel black , which was similar to Japan in 1951, Singapore in 1967, China's Taiwan in 1975 and South Korea in 1977."
"The four economies above all achieved an annual growth rate of 8 percent to 9 percent continuously over the next 20 years, which indicates that China can achieve around an 8 percent growth rate continuously from 2008 to 2028," said Lin.
He added that real economic growth will depend on how much China carries out current reforms to ensure social and political stability as well as on the global economic situation.
"From my observation, it is very likely that China will be able to achieve a 6 percent growth rate from now until around the 2030s michael kors selma large satchel brown ," Lin noted.
Cambodian Prime Minister Samdech Techo Hun Sen (L) holds a welcoming ceremony for Chinese Premier Li Keqiang prior to their talks in Phnom Penh, Cambodia, Jan. 11, 2018. (XinhuaLi Tao) Chinese Premier Li Keqiang (L) meets with Cambodian King Norodom Sihamoni in Phnom Penh, Cambodia, Jan. 11 michael kors jet set travel large satchel black , 2018. (XinhuaLiu Weibing)
PHNOM PENH, Jan. 11 (Xinhua) -- Chinese Premier Li Keqiang pledged here Thursday to build a community of shared future with Cambodia that is of strategic significance.
Li made the pledge in his talks with Cambodian Prime Minister Samdech Techo Hun Sen in the Cambodian capital of Phnom Penh.
Li attended the second Lancang-Mekong Cooperation (LMC) leaders' meeting in Phnom Penh and paid an official visit to Cambodia from Jan. 10-11.
Calling the two countries close neighbors with profound friendship, Li said China always respects Cambodia's sovereignty and independence, and supports the country to stick to a development path with Cambodian characteristics.
China hopes to take the opportunity of the 60th anniversary of the establishment of the bilateral diplomatic ties this year to cement high-level contacts, substantial cooperation in various areas and cultural exchanges, he said.
The Chinese premier vowed to offer assistance for Cambodia's economic development as well as improvement of people's livelihood and to jointly build a community of shared future that is of strategic significance.
China expects to align its development strategy with Cambodia michael kors bedford large satchel black , and take the opportunity of the Belt and Road Initiative to facilitate bilateral capacity and investment cooperation, he said.
Li said China is willing to work with Cambodia to make good arrangement for celebrations of the 60th anniversary of the establishment of the bilateral diplomatic ties and strengthen the bilateral cooperation in the areas of economic zones, infrastructure building, tourism, agriculture and deep processing of agricultural products.
Hailing the second LMC leaders' meeting as fruitful, Li said China expects to maintain close coordination with Cambodia within the frameworks of LMC as well as China-ASEAN (the Association of Southeast Asian Nations) cooperation and to contribute to regional development and prosperity.
For his part michael kors miranda satchel medium blue , Hun Sen said Premier Li's visit would consolidate the bilateral friendship and boost the two countries' comprehensive strategic cooperative partnership to a new stage.
Calling China a friendly cooperation partner of Cambodia, Hun Sen hailed the high-level political trust, vigorous cooperation and people's friendship between the two countries.
Cambodia appreciates China's firm support and help over the years, and wishes Chinese people to realize their Two Centenary Goals at an early date, he said.
Hun Sen expressed satisfaction over the progress in major bilateral projects in such areas as highway, port and economic zones michael kors jet set wallet australia , vowing to boost stronger cooperation in infrastructure, agriculture, tourism and people's livelihood.
It is a consensus of the Cambodian government and people to consolidate and develop friendship with China, he said, vowing firm support for China on issues regarding its core interest.
After their talks, Li and Hun Se
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