China is headed for continued growth of about 8 percent a year on average over the next 10 to 20 years -- backed by abundant domestic savings that support investments, and an almost unlimited supply of labor that will keep wage costs low, a Hong Kong-based scholar told a recent seminar in Tokyo.
Lawrence J. Lau, vice chancellor and professor of economics at the Chinese University of Hong Hong, said the country's prospect will not be affected by external factors -- except perhaps for possible disruptions in oil supply -- because China's reliance on exports will remain marginal.
"China's economic growth so far has been investment-driven, as opposed to consumption- or export-driven, with the bulk of the investments domestically financed. . . . The Chinese economy is not too vulnerable to external disturbances," the professor said.