Former PBOC chief: Asia to keep fastest growth in world in next 20 years

Updated 2018-04-09 15:16:25

Asia will remain the fastest growing economy in the world in the next 20 years or even to the middle of this century, Dai Xianglong, China's former central bank governor, said at the Boao Forum for Asia (BFA) Annual Conference 2018 on Monday.[Special coverage]

In the past 20 years, Asia achieved an average yearly economic growth of 6.8 percent and it will keep the positive trend backed by strong development of China and India, Dai said, noting he is "very optimistic" about the region's future.

China, Japan and South Korea will strengthen their cooperation and China's Belt and Road Initiative offers new opportunities for Asia, although there are challenges of security issues and trade conflicts, according to Dai.

As a strong growth engine in the region, after decades of high economic growth, China is adjusting its development pace for better quality, Dai said, predicting the yearly GDP growth will be around six percent in the next 10 years.

The current trade tension between China and the US caused concerns on the Asian economy prospect.

Asian economies have been linked in industrial chains and China's exports contains a large number of material or parts imported from other Asian countries, so the China-US trade dispute may lead to turbulence in the whole region, Fan Gang, director of China's National Economic Research Institute, said at the forum.

Japan experienced similar trade conflict with the US in the 1980s, leading to an easy monetary policy. In addition to that, high leverage and aging population are also major factors that triggered asset price bubble to burst, Masaaki Shirakawa, former governor of the Bank of Japan, said at the forum, reminding other countries to pay attention to debt rate and demographic change.

There is no need to exaggerate the debt issue, Fan said, noting China's saving rate is as high as 44 percent of its GDP in 2017.

Li Yang, chairman of the National Institution for Finance and Development, also said that high saving rate may reduce damages caused by debt accumulation and capital outflow.

By CGTN's Yang Jing in Boao, Hainan Province

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58April 25 2019 00:08:53

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16April 25 2019 00:08:53

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18April 25 2019 00:08:53

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords