China can sustain a minimum of 6.5 percent of annual economic growth during the 2016-2020 period, a leading Chinese think-tank expert said in London on Thursday.

 

Yu Bin, director of macroeconomic research at the Development Research Center of the State Council [Photo provided to China Daily]

Yu Bin, director of macroeconomic research at the Development Research Center of the State Council, a think-tank for Chinese central government, said such a pace could ensure China would deliver its target of doubling per capita income in 2020 from 2010 base.

"China's annual economic growth rate during the 2011-15 period has registered 8 percent and I personally believe that China can sustain a minimum of 6.5 percent of annual economic growth during 2016-2020 period," Yu told China Daily during an interview.

"And I think growth prospects could help us to achieve our 2020 goal," said Yu.

Yu was attending events staged during President Xi Jinping's state visit to UK from Monday to Friday.

After this visit, Xi will be hosting China's top decision-makers during October 26-28 on the development guidelines and targets for the 13th Five-Year Development Program. The final plan will be put into effect when National People's Congress approves it next March at its annual plenary.

Yu's organisation has been involved in drafting the crucial program.

China recorded 6.9 percent of economic growth during the third quarter of this year, the slowest in recent years, triggering debate about China's economic growth prospects.

Justin Lin, former chief economist of the World Bank and now a professor at Peking University [Photo provided to China Daily]

China ushered in the concept of a new normal, which features lower economic growth, compared with two-digital rates in the past, which would leave leeway for economic restructuring.

During his visit the president said that China will avoid a hard landing and growth will be driven by innovation and consumption, shifting from investment and foreign trade-based development pattern.

Justin Lin, former chief economist of the World Bank and now a professor at Peking University, said UK has now become the means for China to transmit its knowledge and experiences to other developing countries, while continuously learning from the UK.

"I think China could offer its knowledge and experiences to the developing countries by cooperating with UK," said Lin.

He said China's economic miracle and rapid progress in lifting millions of people out of poverty have left a lot to share. "For example, our setting up of special economic zones and efforts in deregulating our economy are our experiences we can share," said Lin. "And we can cooperate with the UK, which is also experienced in delivering international development," said Lin.

Lin also said China could also learn from the UK about environmental protection, social welfare and education innovation.

To contact the reporter: fujing@chinadaily.com.cn

Editor: Chris Peterson