Economists Forum Kicks Off in Frankfurt Book Fair 2009

Themed "reform and development in China's economy," the forum gathered more than 200 Chinese and foreign economists, including Lin Yifu, chief economist of the World Bank; and Edmund Phelps, who won the Nobel Prize in economics in 2006.

Liu Binjie, head of China's General Administration of Press and Publication, analyzes why the world keeps a close eye on China.

"Firstly it is because the economy changed from a highly centralized planned economy to a socialist market economy.

Secondly, as the biggest developing country in the world, China's economic development pattern, the competitiveness of its enterprises and its resources, etc all have important effects on the international community. And thirdly, China has seen years of rapid economic growth and will keep that momentum."

Chief economist Lin Yifu says that the power for the Chinese economic development lies in the perfection of the infrastructure and technology.

"Every developing country has a similar opportunity. If they know how to exam the advantage of back ones by developing their economy according to the compared advantage. And learn to follow technology step by step, and upgrade industry step by step. By this way they can be equally dynamic as the Chinese economy in the past 30 years."

Economists in the forum agreed China's economic growth during the past 30 years has fundamentally changed the Chinese society. They also offered their advice concerning challenges China faces in its modernization process.

Wang Ling,CRI news.