What medium-term outlook for Chinese growth?
Even though Chinese growth is slowing down, it still remains strong, but what is the outlook? It depends on: Demographics; Productivity gains, and they in turn depend on the catching-up potential, the effort to innovate and modernise capital, labour force skills, and the efficiency of the use of savings. All things considered, we believe Chinese potential growth will head towards 4.5% per year at the end of the 2020s, versus 6.2% per year currently.