China to become No2 world economic entity

Peking/Munich, 18.10. 2004 08:40

China to become No2 world economic entity

The latest Global Competitiveness Report 2004 released by World Economic Forum estimates that China would become the global second largest economic entity by 2020 based on the current fast growing pace of China's economy.
The report foresees that China will become the global second economic entity by 2020. "The encouraging feature of China's economic growth is that China opens its huge market to the world and the number of poor people is on a dramatic decrease," said Augusto Lopez-Claros, chief economist of World Economic Forum.

The forum calls on China to carry out stable economic management to prevent from the happening of inflation and imbalance of budget. China should improve its welfare system, such as by increasing pension and unemployment benefit in view of the large flow of rural population into urban areas for job opportunities. " China should waste no time in offering more job vacancies, which means the Chinese government should develop various mechanisms of the economic system, for instance, the establishment of a security network," said Lopez-Claros.

Generally speaking, China's strong economy and balanced macro-economy demonstrate the stability of China's macro economic environment. The report indicates if China wants to improve its competitiveness, it must increase its entire competitiveness through opening up, strengthening commercial rules as well as setting a control on the blind flow of workforces into cities.

Kontaktinformationen:
ZEMIN LI
Konsul für Wirtschaft und Handel
Leiter der Wirtschafts- und Handelsabteilung des
Generalkonsulats der Volksrepublik China in München
Halmstr. 5
81369 München
Tel.: 0049 (0)89-99 73 82 78
Fax:0049 (0)89-99 73 82 76
E-Mail: trade_munich@t-online.de
lzm_munich@yahoo.de

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