China economic reform still vital, business leaders say

China's new leaders should press ahead with reforms even though the strong economic growth of recent decades is tapering off.

That was the conclusion of the senior executives of multinational firms reporters spoke to during the Boao Forum in Hainan earlier this month.

They were asked their views on core issues confronting the world's second largest economy, such as how the economy will fare under the new leaders who took office last month.

Asked about their expectations of economic growth in the next five to 10 years, most were confident of a minimum seven per cent increase annually.

"It's not realistic to expect the double-digit growth again," said Xie Yi, president of Chia Tai (China) Investment, an investment unit of the Thailand-based Charoen Pokphand Group. "Actually it's not a good thing if the economy moves too fast."

Despite more than 30 years of openness and reform, there were wide calls for greater efforts in overhauling state-owned enterprises, the social welfare system and the financial sector.