Himalayan News Service

Washington, January 12:

China is capable of more of the same remarkable economic growth it has seen over the past two decades but it must also enact much needed reforms in the banking, trade and other areas.

Right now, with reforms still in process, “it is too soon to tell whether as yet the so-called soft landing has been successfully engineered,” UPI quoted Anne Krueger of the International Monetary Fund (IMF) as saying. China’s economy exploded after it embraced a market economy about 25 years ago.

Real GDP grew on average 9.7 per cent per year since 1990. The country’s economy is about 9-10 times larger than it was in 1978, UPI reported. It has been a regional as well as a global powerhouse, important to the Asian economy especially in the light of the economic slowdown experienced by Japan and the European Union.