One of China’s leading economic experts points to the “extremely strong” growth potential of the country’s economy despite escalating Sino-US trade tensions, due to the future impetus provided by industrial and technological innovation.
Justin Lin Yifu (林毅夫), Peking University economics professor and former Chief Economist and Senior Vice President of the World Bank, said China possesses immense innovative potential that will continue to drive its economic momentum.
According to Lin China has displayed a high level of competitiveness in new economic areas, and possesses a huge supply of human resources to drive the “Industry 4.0” wave which is currently sweeping the global economy.
Lin made the remarks at the China Development Forum held in Beijing on 16 – 17 September.
After posting average per annum GDP growth of 9.5% for the past four decades, Lin said that whether China can continue to maintain high-speed growth will depend upon the extent of China’s late starter advantage, as well as the size of the gap between China and high-income countries.
“Although it won’t be as high as 9%, a growth rate of at least 6% could still be maintained,” said Lin.