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Zoellick: China still faces great challenges

09-26-2010 08:49 BJT

China has made major achievements in the economic growth in the past a few decades, but still faces great challenges ahead, World Bank President Robert Zoellick told the Xinhua News Agency recently.

''My first visit to China was in 1980, and the following 30 years have witnessed earthshaking changes of the country, and the Chinese people and the government have reasons to be proud,'' said Zoellick.

''But at the same time, there is still a large amount of poor people in the country living in hardship.''

''China is still a developing country and the transformation of the mode of its economic development will be China's key issue. And currently China needs to be highly vigilant against real estate bubbles,'' he added.

He also said that tasks that need to be considered include how to address the economic balance between urban and rural areas, and the balance between civil deposits and consumptions.

Zoellick added that China's over-dependence on exports is also a hurdle for its development, and the authorities should further promote industrial reform

China has been cooperating with the World Bank for 30 years, and the organization's president visited the country between September 9 and 15.

Editor:Xiong Qu |Source: Global Times

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