Daily Archives: March 26, 2011

Wen renews anti-corruption call

Premier Wen Jiabao renewed his call for a fight against corruption, which he believes can undermine social stability if it is not dealt with properly.

At a meeting of the State Council, China’s Cabinet, Wen listed a series of priorities set for China’s anti-graft efforts in 2011, calling on the government to strive to prevent abuses of power, dereliction of duty and other types of misconduct.

Officials, along with their families and aides, are forbidden to interfere in or manipulate bid activities, Wen said. They are required to report their assets and the employment statuses of their family members. Officials will be held accountable if they accept bribes, either in cash, securities or payment cards, he said.

Leaders in State-owned enterprises are further forbidden from seeking illicit gains through businesses dealings or through trading, Wen noted. China has made progress in responding to the complaints of citizens and reducing administrative costs over the past year. But it is still in an extremely difficult point in its development, according to Wen.

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China set for No 1 spot by 2030

The World Bank’s chief economist said on Wednesday that China’s economy will probably become the world’s biggest by 2030, when it will be twice the size of the United States, if measured in terms of purchasing power parity (PPP).

“China could maintain GDP growth of 8 percent over the next 20 years, which will make it the world’s biggest economy,” said Justin Lin, senior vice-president and chief economist at the bank. He added that by 2030 the Chinese economy may be approximately the same size as that of the US at market exchange rates in terms of nominal GDP.

Lin made the remarks at the China Economic Development Forum in Hong Kong.

In 2010, China overtook Japan to become the world’s second-largest economy. It has set a target of 8 percent for GDP growth for this year. The country is also aiming to record average annual GDP growth of 7 percent in each of the next five years.

Lin said that by 2030, the country’s per capita income, measured in terms of PPP, may reach 50 percent of the per capita income in the US.

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