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'No recession' after Olympics
(China Daily) Updated: 2008-03-04 07:22 China will not suffer a recession after the Olympics, economists said yesterday. Justin Yifu Lin, a deputy to the 11th National People's Congress, said: "During my recent trip to Europe, I was frequently asked if I thought China will face recession when investment declines after the Games; and my answer was always 'No'." China's economy is much larger than those of previous hosts, some of which suffered post-Olympic recessions, Lin, who is the World Bank's chief economist and its newly appointed senior vice-president, said. There will be plenty of investment prospects in the fields of infrastructure and industrial upgrading, while consumption growth and foreign investment will also remain high, he said. In addition, China will host the World Expo and Asian Games in 2010, and several other important international events after the Olympics, he said. Li Yining, an economist and political advisor, said some Olympic hosts faced recession after the Games because, as investment fell, many people lost their jobs. But that will not happen in China because it is in the process of industrialization, Li, who is a member of the 11th Chinese People's Political Consultative Conference National Committee, said. Xinhua (China Daily 03/04/2008 page3) |
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