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Economies 'must adjust' (2)

(China Daily)

08:25, November 15, 2011

Both developed and emerging economies should adjust their structures, Wu said.

Emerging economies could emerge stronger from the crisis by maintaining high growth levels but developed countries will have to refocus and identify new sources of growth, Wei Liang, a researcher with the China Institutes of Contemporary International Relations, said.

"To that end, the US and Europe should place greater emphasis on technological innovation and hopefully that will lead to another industrial revolution to boost the global economy," Wei said.

In this respect, there is potential for China and Western countries to cooperate, he said.

China, the world's biggest exporter, has seen its trade surplus declining sharply over the past several years while imports have increased. Incomes have also risen and spending on construction has surged.

Increasing domestic demand has boosted global production.

China's imports are expected to reach $8 trillion in five years, Hu said at a G20 summit in France earlier this month.

In the first three quarters of 2011, China's imports have already reached nearly $1.29 trillion, up 26.7 percent.

Officials said that this demonstrates how China implemented measures to stimulate domestic demand.

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