Former US Federal Reserve Chairman Alan Greenspan predicted in his memoir that the world’s economic fate depends on China and its market economic development by the year of 2030. ‘If China continues to press ahead toward free-market economy, it will surely propel the world to new levels of prosperity，’ Greenspan wrote in ‘The Age of Turbulence: Adventures in a New World.’ ‘Much of how the world will look in 2030 rests on this outcome,’ said the legendary US central bank chief. Greenspan retired in January 2006 after more than 18 years as chairman of the Fed, the US central bank, which regulates monetary policy. He also praised China for creating ‘a huge change in the world economy’ after shifting toward market economy. ‘It went into a seriously impressive disinflation, which brought all interest rates down, made a huge boom in the economy, a huge increase in assets,’ Greenspan said in a Fortune interview. China’s economy is enjoying its fifth straight year of double-digit economic growth, with the growth for the first half of this year hit 11.5 percent, according to statistics from the National Bureau of Statistics. The country has soared to be the […]