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Chinanews, Zhengzhou, May. 9 – In a recent visit to China, Robert A. Mundell, "father of the Euro", said that Chinese had made outstanding achievement in developing its economy. He said that during the previous thirty years, Chinese economy had maintained a growth rate of over 9% year on year. In the recent past four years, China's GDP growth rate has even hit a double-digit level, he declared.
He made the statement in his report, "World Economic Reform in the Era of Globalization", given recently at the Zhengzhou University in Kaifeng. Speaking of the Chinese economy, this professor from the Columbia University, attributed the outstanding performance of Chinese economy to a suite1 of factors, including China’s stable political situation, the sensible interest policies, the relatively2 high interest rates, the abundant human resources, the application of new technologies and the global economic prosperity, which boosted a high demand for export. During the past 30 years, both China's export and GDP soared. He predicted that by 2030, China's comprehensive national strength would surpass that of Japan, and by 2060, China's GDP would surpass that of Europe. When talking about some of the problems that China might face in its economic development, the professor said that Chinese economy had been growing very fast and Chinese coastal3 cities had benefited from such high growth. In future, economic growth might shift to the central region. On the other hand, he said that there was no need for Renminbi to appreciate. At present, China's import and export trade is in a balanced state and its foreign exchange reserves are mounting. Facing with this situation, it might not be wise for China to implement4 the Renminbi exchange regime too quickly. On the whole, China should not raise its Renminbi value too fast or leave the Renminbi exchange rate fully5 open to the market, he said.
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