Economic Trend News
- Economy to remain robust after Olympics
Date: 8-Jan-2007 Sources: (Shenzhen Daily)
THE Chinese economy will remain robust after the 2008 Beijing Olympics as has happened in some other host nations, said renowned economist Li Yining.
China is only halfway to full industrialization and the thirst for investment will not subside when the Beijing Olympics closes, said Li at the ninth New Year Forum held in Beijing University last week.
Massive investment is required to rejuvenate the old industrial base in northeastern China and the country's underdeveloped west, said the economist, adding that high-tech industries are also a new hot area that will attract new investment.
New energy resources, bio-technology, new materials and new generations of electronic products will draw huge sums of money, Li said.
Strong investment after the Beijing Olympics will keep the Chinese economy growing fast, the economist said.
Li said the challenges facing the economy include slow growth of farmers' income, shortage of resources and environmental deterioration.
Li called for more private firms to be set up to break up monopolies and system reform of science and technology development. He also advocated the development of a recycling and tighter supervision over the environment.
As the largest sporting event in the world, the Olympics are expected to bring huge business opportunities to the host nation but some analysts are worried the Chinese economy may slump when this apparent driving force expires.
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