World's economy recovering but still fragile: Justin Yifu Lin
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World Bank's senior vice president and chief economist Justin Yifu Lin said on Monday that the world needs to find a new way to promote economic growth.
"The world economy is recovering due to the governments rescue package in front of the financial crisis, but the foundation is still fragile," Lin said at the World Bank Annual Conference on Development Economics (ABCDE) in Stockholm with the focus on challenges in a post-crisis world.
"We need to have a new way of investment for example in infrastructure, green economy and so on, the problems need to be solved to avoid the infrastructure bottleneck and balance the huge government spending and private investment. The conference is to discuss these issues and hopefully it will greatly contribute to the future development direction," Lin said to an audience of over 600 economists, researchers and several Nobel laureates in economy.
"China has been recovering robustly, this was due to large amount of the state rescue investment in area of infrastructure and green growth," Lin told Xinhua at the press conference before the conference opened.
The three-day conference will discuss more on environmental commons and the green economy for the future.
