A leading US think tank says it has confidence in China's economic development. Albert Keidel of the Carnegie Endowment for International Peace made the remarks during an interview with China Central Television.
Albert Keidel, a senior associate from the US Carnegie Endowment for International Peace, said China's 2008 economic figures are in line with many people's expectations. Keidel said he is surprised that agricultural output growth exceeded that of the industrial sector last year.
Keidel said he is impressed by rapid growth in the retail sector and increases in urban incomes in the fourth quarter of last year. He noted that shrinking demand in global markets has affected China's imports, in particular in the last quarter. But the country still managed to maintain stable export growth.
Albert Keidel, senior associate of Carnegie Endowment for Int'l Peace, "that means Chinese economy has a certain degree of independence in its growth. It's no so linked closely to the outside world. This time the crisis is so large that it will affect China. But we can expect it to be temporary. There are strong signs of economic recovery in the second half of the year."
Keidel said China's economic growth will spur a sustained and rapid increase in the service industry over the next ten years. And the country's financial industry is now well placed to implement the government's stimulus plans. China is expected to maintain nine to 10 percent GDP growth in 2009.
(CCTV January 24, 2009)
