POTENTIAL AHEAD
Ba Shusong, a financial researcher with the State Development Research Center under the State Council, or China's Cabinet, said the economy is undergoing an economic cycle, referring to the natural fluctuation of an economy between periods of expansion and contraction.
"Starting from the low point in 2008, China's economic growth climbed to a peak in 2010 thanks to the 4-trillion-yuan stimulus package. It has gradually slowed since then and reached another low this year," Ba said.
He said the economy will continue to seek new sources for growth this year, while in 2013, more focus will be given to economic restructuring.
"I expect economic growth to bounce back to around 8 percent in the fourth quarter," he said.
Delegates and some economists insist that China still has vast potential in maintaining growth due to significant potential domestic demand, while the accelerating urbanization process will give the country another boost for steady growth.
Cao Yuanzheng, chief economist with the Bank of China (BOC), said the country's economic transition has significance far beyond its boundaries, describing it as being part of the rebalancing of the global economy.
The global rebalance requires China to consume more and invest less while requiring the United States to invest more and consume less, Cao said, adding he believes China will become the world's largest importer in the future.
A recent report from the BOC said China will maintain an average economic growth of 8 percent annually in the coming decade.
"If a company can grow along with the Chinese market, it will be the fastest growing firm in the world," Cao said.
Weekly Photos of China: Nov 5-11
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