Xinhuanet Sydney on October 8, HSBC Australia area chief economist Paul brock's harp recently said that he believed China's economic development situation, and forecast in the next 10 years China will become the world's largest economy.
Brock's harp in accept xinhua news agency reporters, although China has will this year's economic growth down at present to 7.5%, but the current situation and the developed countries, compared to this rate is still "a jealous".
Brock's harp that China has recently been economic slowdown in the situation is actually been exaggerated, "I think it belongs to cyclical slowdown. Slow have two reasons, on the one hand, is China last year to curb the overheating and inflation, and take some of the tightening measures, these measures are still happen action; on the other hand, western countries economy faces a very big problem, European debt crisis severely stressed global trade, also dragged down the pace of China's economy. But we still think this is cyclical slowdown, rather than structural".
Asked about China's economy in the global pattern of the location problem, brock's Joseph said, China's economy is becoming more and more large, at present is the world's second largest economy, but in the next decade into the first big economies.
Brock's harp explained for China, the economic outlook is optimistic, because China has many to chase the developed countries place, per capita gross domestic product (GDP) is still low, this will be China's economy can faster increases in the core power. In addition, the Chinese government has a lot of capital reserve can use. Unlike other countries that rely on foreign capital.
Brock's harp, points out that China now faces a major challenge is that the present economic development is not balanced, very dependent on the international market, domestic demand to promote growth dynamics is insufficient, should be the direction of growth turned to domestic demand support; The second challenge is China's domestic economy mainly by investment rather than consumption drive, the adjustment is also in progress. Brock's harp, said he is confident that China's economy will face the domestic consumption direction transformation, the transformation is progressive, but has made some progress.
Brock's harp that the Macao between economic relationship is very good, and is developing. Exports to China in Australia in the export proportion rising sharply. The turn of the century, exports to China making up about 5% of the total amount of Australian exports, and now has reached 30%. Australian exports to China of products is mainly commodities such as iron ore.