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by: XU Ye
update: Mar 6, 2015 19:54 GMT+8
China has about 20 years of 8 pct growth potential, says top Chinese economist 
China has about 20 years of 8 percent growth potential, said Lin Yifu, a prominent Chinese economist said on Friday.
Lin, a Chinese People's Political Consultative Conference (CPPCC) National Committee standing committee member, said he always maintains the 8 percent growth potential, even though the country has lost its past comparative advantage and the new economic growth engine is still in the making during the new normal phase of economic development.
China is sure to acquire new comparative advantages in many aspects, he told a press conference on the sideline of the ongoing third session of the 12th CPPCC in Beijing.
Lin Yifu, Standing Committee Member Of CPPCC National Committee
He said: 'First, we may transit from the lower and middle ends of equipment manufacturing to the middle and high ends and from the old electronics industry to new electronics industries, the materials industries and precision instruments and meters. There could be many bright spots in these sectors. Second, there are new modes of operations in the Internet sector, such as on-line finance, e-commerce and EMS. Third, there are new industries and services, green environmental protection industries, and new energy sources industries. The labor-intensive processing industries, which have lost their comparative advantages may develop toward the two ends of the smile curve, moving to Africa, from GDP to GMP. If these industries are moved out, they will create a huge external market for our machinery and equipment and intermediary parts. Fourth, some over-capacity industries such as cement, steel and electrolytic aluminum, could be used to invest in infrastructure in other places with the unfolding the the 'One Road, One Belt' strategy, thus creating a huge market demand.'
He said there is no problem for China to meet and even exceed this year's 7 percent GDP growth target if everything goes well.
Another top Chinese economic economist Li Yining said the impetus of future economic growth will come from people's creativity.
Li Yining, Standing Committee Members Of CPPCC National Committee
'The economic growth depends on the people's creativity and pioneering spirit,' said Li, another CPPCC National Committee's standing committee member.
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