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Justin Yifu Lin: by 2030, China’s GDP still has the potential to grow by 8% a year

After making use of the “three advantages,” China’s GDP still has the potential to grow by 8 percent a year by 2030, Justin Yifu Lin, former Senior Vice President and Chief Economist of the World Bank, said recently.

Justin Yifu Lin (Photo/Xinhua)

When attending the Lenovo Tech World 2020 on Oct. 28, Lin said that China’s advantages in the world mainly include three aspects: the first is the advantage of “latecomers” in traditional industries; the second is China’s advantages in the new industrial revolution of the Internet, artificial intelligence, cloud computing, 5G, and the Internet of Everything; and the third, in terms of purchasing power parity, China has the largest market in the world.

Lin believes that no matter how the international situation changes, China’s GDP still has the potential to grow by 8 percent a year by 2030. The GDP growth can be maintained at about 6 percent in a normal year, which is 3 percentage points higher than that of other countries.

“Even if affected by COVID-19, China’s GDP growth rate this year may be between 2 and 3 percent, but the world’s growth may be minus 5 percentage points, the US growth may be minus 8 percentage points, and Europe’s growth may be minus 10 percentage points,” Justin Yifu Lin predicted.

Lin added that China can also contribute 30 percent to the world’s economic growth every year. China is still the fastest growing country in the world and the country with the fastest market expansion, which will provide the best stage for entrepreneurs.

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