July 30 - Experts predict China will likely surpass Japan in the coming decade to become the world's second largest economy.

 

D5F5XWz6D A host of China's influential mainstream economists painted the rosy picture during the weekend at Tianheng Island in East China's Shandong Province.

 

D5F5XWz6D Experts said the economic outlook was conditional on whether the country could swiftly adjust itself to ever-evolving domestic and global circumstances.

 

D5F5XWz6D The members of Beijing-based China Economist 50 Forum gathered to debate the country's "big development topics of strategic importance" in the coming 10 years, ahead of the 17th Congress of the Communist Party of China, scheduled for autumn.

 

D5F5XWz6D Some experts said they believed that China faced obstacles, including environmental problems and resource constraints, rising labor costs, imbalanced foreign trade, economic restructuring and an incomplete social security network.

 

D5F5XWz6D Even "moral degradation" has been taken as "daunting challenge".

 

D5F5XWz6D Despite the challenges, one prediction is that China is on the way to becoming a world-class economic power only after the United States by about 2018.

 

D5F5XWz6D At that time, China's per capita GDP (gross domestic product) is expected to surge from the current US$1,870 to about US$6,000, a benchmark between middle- and upper-developed countries.

 

D5F5XWz6D "The benchmark is of great significance," said Xu Shanda, an economist chairing the discussion among the members of the think-tank organization.

 

D5F5XWz6D The organization also predicated that China's growth pace would gradually slow down from the current blistering 11.5 percent to 8-9 percent by 2018.

 

D5F5XWz6D If growth is sustained, China will outpace Japan as the world's second biggest economy.

 

D5F5XWz6D Despite the fast growth, the economists reached the consensus that China should step up its efforts to continue its "balanced approaches" to tackle "unprecedented challenges" while becoming globalized.

 

D5F5XWz6D "I personally believe that the process should be one that moral standards should be redefined and elevated," Fan Hengshan, director of regional development department under National Development and Reform Commission, said.

 

D5F5XWz6D Yi Gang, assistant governor of People's Bank of China, proposed that China should continue its "put-people-first" approach to tackling long-term challenges. "On one hand, we should create a sound environment for the rich, both at home and from other economies," Yi said.

 

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