Berkeley (KTSF by Lynne Ku)- Justin Lin, chief economist and senior vice president at the World Bank, is very optimistic about China’s future. On Tuesday night at UC Berkeley before a large audience, he predicted that China’s high economic growth rate will continue for at least 20 years.
Before a full house, Lin discussed the lessons of China’s economic surge. In his talk entitled, “Demystifying the Chinese Economy,” Lin talked about how China transformed itself from one of the poorest economies in the late 19th century to the economic powerhouse it is today.
Lin talked about the causes for China’s dramatic change and thinks that China’s rapid economic growth since 1979 is because of their advantageous policy on economic development. He says that the key for China’s government to succeed is being practical, which is what China’s former leader Xiaoping Deng said, “It doesn’t matter whether a cat is white or black, as long as it catches mice.”
As an authority on the Chinese economy, Lin predicted that China’s high economic growth rate, which is more than 8%, will continue for at least 20 years. He said his prediction is based on the economic growth examples of Japan, Korea and Taiwan.
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