Phelps said that China is one of the highlights of world economic growth, taking into account three factors, he believes 6.5% to 7% of China’s economic growth can be expected. First, China can continue to improve productivity through technology transfer of advanced countries in the world, and the second, Chinese companies continue to seize opportunities for innovation to reduce production costs, and the third, he believes that China’s massive urbanization construction may continue to provide momentum for economic growth.
Stiglitz believes that the global economic slowdown in the background, if China can respond quickly to develop and implement sound economic policies, China is fully able to achieve 6.5 percent economic growth target. In addition, he said that the current level of productivity between China and developed countries is still a gap, if the gap can be effectively compensated for China’s economic growth will exceed 6.5%.
Meanwhile, the three economists agreed that, in view of the potential financial risks to the global economic slowdown, the impact of external factors such as shrinking export market, and China long way to go to achieve the economic growth target – innovation is an important engine of economic growth.
Phelps said: “The Chinese people highly entrepreneurial spirit I have visited a number of companies, witnessed the development of new products, and the success of the trial can be said that in China, innovation is full of vitality, overwhelming…” In his view, near number of years of start-up companies continue to rise, mainly due to the policy adopted by the Chinese government to facilitate public business. In addition, banks will be allowed to set up finance companies provide financing platform for entrepreneurs, which he holds a positive attitude.