(Bloomberg, New York) Former US Treasury Summes said that the scale of China's economy will exceed the predictions of the United States, which is similar to the historical view of Japan and the Soviet Union, and the two countries have not been able to succeed in the end.
Samers said in an interview on the "Wall Street Week" program on Bloomberg TV: "Six months or a year ago, calculated according to the total GDP (GDP) of the market exchange rate.The Chinese economy will surpass the United States at a certain time, and no one is so sure now. "
The latest monthly economic data shows that China's total retail sales of consumer goods, industrial added value and investment growth have slowed one by one in July, and they are all lower than the expectations of economists.Including Goldman Sachs, institutions are decaying the forecast of China's economy growth. Now it is believed that GDP this year will only increase by 3%, far lower than Beijing's March setting, but now it has actually abandoned about 5.5%of the goals.
Summer said: "People will look back at some economic predictions to China in 2020, just like they look back at the Economic prediction of the Soviet Union or 1990 in 1960."
Sammers lists the four major challenges facing the future of the Chinese economy, including huge financial risks, uncertain growth engines, and more and more Chinese governments to participate in broader corporate affairs, Chinese labor age populationReduce the population structure that increases to the elderly.Samers also said that China's current economic slowdown may alleviate American inflation to a certain extent, especially through the impact of commodity prices.
Summes served as Minister of Finance from 1999 to 2001.In 2009, he was also appointed as the chairman of the National Economic Council of the National Economic Commission by then President Obama, responsible for the recovery policy of the US economy after the financial tsunami.
