The financial crisis has forced Chinese enterprises to upgrade their technology and improve their management. In the next 10 to 20 years, China will become the main destination for the relocation of the electronic and auto industries from South Korea and Japan. The Internet industry and the combination of the Internet and traditional industries will become new growth points for China's economy.

China will carefully adjust its monetary policies this year according to its practical needs, maintain the stability of its macro-control policies, and make its investment more efficient. Among the targets will be those fields that are essential to restructuring the national economy. The housing market will also recover to a certain extent, catering to the increasingly diversified demands of Chinese consumers.

It is predicted that the United States' economic growth will hit 3 percent this year. Every 1 percentage point of US economic growth can pull the world economic growth by 0.2 percentage point. The US will remain the major consumer market in world economy this year. Given the close connections between China and the US, China will be able to benefit from the US' stable growth.

The author is director of the China Center for Economic Research and dean of the National School of Development, Peking University.