Economists: Sustainable growth still achievable in the long run

China won't be able to achieve a transition to a sustainable growth model without at least paying a short-term price, top economists said on Tuesday.

By the end of the decade the property market will no longer be a major driver for the Chinese economy. But "the country should be able to grow for another 20 years at 5 to 6 percent. That is a fantastic performance for a country that has already come as far as close to the frontier as possible," said Willem Buiter, global chief economist of Citigroup Global Markets Inc, at a media briefing in Beijing.