Klaus Schwab: Despite U.S. Economic Issues, China Growth to be Maintained

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U.S. problems “unlikely” to impact on emerging Asia growth

Sept. 30 – Klaus Schwab, the founder of the World Economic Forum currently being held in Tianjin, echoed comments made earlier this week by Chinese Premier Wen Jiabao that China’s economy would withstand the onslaught of any U.S. downturn and its current financial problems.

Schwab said the Wall Street storm had “shocked” the world. He added that the depression and soon to come evolution of Wall Street regulation “will surely bring influence to the world and change the way of working the financial markets,” as well as the structure of global cooperation.

He predicted that the world economy will see a slowdown in growth in the next one to three years, and China’s growth rate will also drop to seven or eight percent, down from the 2008 predicted rate of 9.5 percent. But he stressed that China is still the fastest growing economy in the world, and will keep a high growth in the future.

Research by China Briefing amongst Chinese and international economists has suggested a collective opinion of a deliverable growth rate nationally for China of 8.5 percent for 2009, down one percent on 2008 figures