The Chinese stimulus plan to alleviate the world economic downturn faced income trap

Zoellick: China now faces "middle-income trap" issue

World Bank President Zoellick 13, in China and the World Bank cooperation forum on the 30th anniversary of China in the past two years through the implementation of a timely and effective economic stimulus plan, the world economic downturn, has played a key role.

Zoellick said the global economic crisis is most severe stage has been in the past, but the World Bank and China to jointly respond to new challenges. As the world's third largest shareholder countries, China will bring more opportunities, responsibilities and expectations.

Zoellick said China over the past two years through the implementation of a timely and effective economic stimulus plan, the world economic downturn, has played a key role. In particular, from the end of last year, China has adopted various measures to restrain credit growth to cool down real estate market.

But at the same time, he believed that the current China also faces a new problem, the World Bank and the need to further strengthen cooperation to jointly respond to new challenges. The Bank will continue to support the eradication of poverty, achieving economic rebalancing, harmonious society.

Zoellick noted that at present in China before the new question is "middle-income trap", i.e., income transition to higher income than from the transition to a low income, middle income more difficult. "China has started research to generate new growth source for a variety of ways, particularly through urbanization, human capital formation, innovation policy, and avoid falling into this trap. China to low-income economy shifted to higher income and social experience for other middle-income economies. ”

"In April of this year, China has become the world's third largest shareholder of the Bank, this is an important milestone events, this new role will create new opportunities, responsibilities and expectations. "Zoellick said.

He said that as China in the international arena to play a greater role, and look forward to deepening the cooperation with China and the World Bank, and to help China completed "touched the Stones River" tasks, witnessing China's transition to a high-income economy of harmonious society.