China: 30 More Years of Growth

One of China’s leading economists is projecting another 30 to 40 years of dramatic growth in a country already enjoying the world’s most improved economy.  David Li heads the Center of China in the World Economy at Tsinghua University.  He says China is driven by a strong human desire to improve living standards through hard work. “The typical Chinese worker now sees the possibility of a much better life,” said Li.  “They are willing to work hard to improve themselves.”

China’s gross domestic product—the total of all goods and services—in 2006 grew by a remarkable 10.6%.  Global domestic growth is at just 3.5%.  China’s 1.3 billion people have helped make China is the fourth biggest economy in the world.

Professor Li expects the double digit growth of recent years to slow to about the five or six percent range, but he says China is still on track to grow until perhaps 2040.  He says the only thing that might slow economic growth in China is major political problems.

The average Chinese worker currently makes less than $2,000 per year.  Li says he anticipated that may rise to $6000 per year.  Two Chinese workers at a American factory in Suzhou, China told me they can see their economic status is better than their parents.