BEIJING, Sept. 13 (Xinhua) -- The Third Summer Palace Dialogue between Chinese and American economists wrapped up in Beijing on Tuesday, with top economists from both countries highlighting economic challenges and opportunities currently facing China and the United States.
American economist Laura D'Andrea Tyson, an economic advisor during the Clinton Administration and former director of the United States' National Economic Council, described Monday's closed-door meetings as a "very frank exchange of ideas."
She addressed the near-term growth challenges facing the economies of China and the United States, as well as the world at large. She also spoke about long-term issues and global cooperation mechanisms that may be used to help the global economy rebalance itself in the long run.
"The global economy is in a very fragile set of circumstances right now," she said, citing a slowdown in global economic recovery as well as Europe's unresolved financial crises.
Although China's economic growth is returning to a more moderate pace, Tyson said the group agreed that it is still "quite high." China's robust economic growth, combined with moderate year-on-year inflation, will result in a soft landing for China, according to Tyson.
China's real estate bubble, or, as Tyson said, "the allegation that there is a real estate bubble in China," was also discussed.
"As the economy develops and urbanization takes hold, there are substantial reasons why housing demand in China is rising rapidly," she said.
The demand for housing in China is the result of growing per capita income and a "changing balance of demand and supply, not a debt-fueled asset bubble as was the case in the United States," Tyson said.
American economist Michael Spence, recipient of the 2001 Nobel Memorial Prize in Economic Sciences, addressed a fundamental difference between the ways in which China and the United States are able to approach economic issues at both individual and global levels.
"China has a Five-Year Plan. It's easy to read, it's understandable," Spence said of China's 12th Five-Year Plan (2011-2015). "It forms the basis for both debate, on the one hand, and for focusing people's attention on what needs to happen in order to transform the structure of the economy."
"The United States does not have a Five-Year Plan, nor does it have anything like the Five-Year Plan. We do not have a shared vision," he said.
This difference, he said, creates a "very large asymmetry" between the two countries.