Experts, entrepreneurs laud Chinese premier's address at WEF(3)

INNOVATION AND BRICS

Experts also offered their insights on how China can step up its innovation-led growth, as the Chinese government is pushing for more innovation-supporting measures, including encouraging people to start undertakings and promoting the development of the internet economy.

Erixon said that apart from increasing the scope for competition in the economy, China could accelerate its own innovation-led growth by education.

Meanwhile, officials and academics from the BRICS countries said at the WEF annual meeting on Thursday that all five countries' economies have confidence in constant growth during planned structural reforms.

"We continue to invest in all these countries, because we invest not for the next two or three years, but for the next 10 or 15 years," said Carlos Ghosn, chairman and chief executive officer of Renault-Nissan Alliance, at a session debating the economic outlook for BRICS countries.

Ghosn emphasized that despite the adjustments currently taking place in the BRICS countries, they were all capable of strong growth.

Beijing University economics professor Justin Lin said that China would have to depend less on exports and more on domestic consumption and investment, but the government's strong balance sheet and high private savings would facilitate this transition.

"I am confident that China will be able to maintain a 7 percent growth rate over the next five or even 10 years. China will continue to be an engine of world growth," Lin said.

Indian Finance Minister Arun Jaitley said that India intends to return to an 8-9 percent growth rate and that the recent change in government had led to greater clarity.

For Brazil, South Africa and Russia, experts also thought structural reform would bring a positive effect to their growth despite the recent economic slowdown.