China could sustain 6 pct growth rate in medium term: U.S. expert
October 13,2017 By:Xinhua
October 13, 2017 -- Chinese economy could sustain current growth rate of over 6 percent for the foreseeable future, a U.S. expert has said.
"The growth rate has come down from the previous eight or 10 percent, but that is still a very healthy rate and that should be the envy of any other country in the world," Farok Contractor, a distinguished professor at Rutgers Business School, told Xinhua on Tuesday.
Contractor noted that China has made enormous progresses in economic development for the past five years, highlighting poverty reduction and RMB internationalization.
"Today there are only about 50 million Chinese left in grinding poverty, according to the World Bank's criterion, so that's a wonderful accomplishment not just for China but for the whole world," he said.
Having visited China for many times, the professor noticed that income inequality in the country is being addressed, and that "more attention is being paid to relatively poor provinces like Guizhou."
"There has been a more balanced distribution of benefits and more balanced growth," he added.
In terms of finance, the expert lauded China's continuous efforts in liberalizing its foreign exchange market.
He pointed out that one of the related achievements is the "inclusion of the Chinese RMB into the IMF's SDR basket, which is putting it on the path to becoming a recognized internationally tradable currency."