Chinese economy to continue rapid, sustainable growth
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Regarding the negative factors that affect the Chinese economy such as high real estate prices, Lin noted, "The regulative measures taken by Chinese government over the last few weeks will be able to guarantee the smooth development of Chinese economy."
Another restrictive factor to affect China's economic growth is the growing income gap, Lin pointed out.
"The growing income gap in China will be a problem for the stable and long-term economic development. We can try to reform the financial system to reduce the income gap in China," he said.
He thinks that the current financial system in China is too concentrated. Chinese financial institutions are only interested in loaning to large enterprises, while a large number of small and medium companies and people in rural areas can not get needed financial services.
Lin believes that to a certain degree, this restricts the development of rural areas as well as small and medium companies, and enlarges the income gap. Therefore, the financial system in China needs urgent reform.
Talking about the exchange rate issue regarding the Chinese yuan, Lin said the revaluation of the yuan will not be able to solve the U.S. unemployment because the products exported from China are mainly labor-intensive products which are no longer manufactured in the United States. It can only increase the Americans' cost of living.
Xie Yunliang, acting consul general of China in Chicago, delivered a welcome speech at the conference. Over 600 people from China and U.S. financial and research institutions attended Saturday's conference.
