China economy likely to grow slower, says economist
Chinese economic growth may slow to about 7 percent per annum in the next three to five years from the current 10 percent level.
BEIJING - Chinese economic growth may slow to about 7 percent per annum in the next three to five years from the current 10 percent level, Liu Shijin, deputy director of the Development Research Center of the State Council, a government think tank, told a forum Saturday.
Liu said along with the slowing in growth, rising costs and price hikes will be the three major challenges China faces in the future.
He warned of price hikes caused by excessive liquidity, especially after the US adopted its "quantitative easing" monetary policy.
He said the US policy will add to inflationary pressures in emerging economies including China.
China will face great imported inflationary pressures, he said.
He also said the weakening of the US dollar is "inevitable" in the long run, which may prompt a "currency war."
The Chinese economy will encounter severe challenges in the coming few years and undergo its "most significant" transformation over the next 5 to 10 years, he added.
He urged more efforts to restructure and reform the economy.
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