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People's desire for wealth will sustain China growth: economist

The strong desire of the Chinese for wealth and a better life for their families will sustain the country's economic growth, said a visiting Chinese economist.

Yuan Xuya, chief economist of Hong Kong-listed brokerage Central China Securities, was speaking to The Business Times on Friday morning and giving his take on the China slowdown.

"You haven't seen how there are so many poor villages in the countryside. Gansu, Qinghai, Ningxia, go there to see for yourself what they need," he said, referring to less developed regions in China's northwest.

"There are so many poor people, so many people want to be wealthy. There will be demand. So the government should create the right economic conditions for them to improve."

The unique desire for prosperity among the Chinese, and the large number of people who have yet to attain the affluence they want, creates a "strong subjective condition" for China to keep growing, he said.

Central China Securities is the largest securities firm in Henan province. Henan is one of the most populous provinces in China with around 94 million people.