Latest News:  
Beijing   Sunny    -3 / -12   City Forecast

People's Daily Online>>Foreign Affairs

China and U.S. have "huge potential" for economic cooperation: U.S. Expert (2)


13:26, February 06, 2012

"Let the market play the role," he stressed, because "when this happens, the trade expands."

China is currently the third largest exporting market for the United States. China's import from the U.S. surged to 122.1 billion in 2011, up 19.6 percent from a year earlier, despite the faltering world economy.

Talking about the U.S. plan to double its exports by the end of 2014 from the basis of 2009, Lardy said his country should export more high-tech products to China.

Lardy has done a long-time research on China's economy and is called "everybody's guru on China" by U.S. National Journal. He has written or edited a number of books on China.

In his latest book, which is entitled "Sustaining China's Economic Growth After the Global Financial Crisis", Lardy said China has emerged successfully from the global financial and economic crisis but must undertake fundamental reforms to sustain its economic growth and help the rest of the world recover.

During the interview, Lardy noted that China needs a consumption-based, rather than an export-led model of growth. "China needs to encourage other growth sources than exports," he said.

He suggested Chinese policymakers increase expenditure on social welfare programs to stimulate domestic demand. "The potential for generating more growth from consumption is enormous for China," he added.

【1】 【2】


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. People celebrate Lantern Festival

  2. Lanterns lit up around China

  3. Chinese art group performs in Seattle

  4. Protection of intangible cultural heritage

Most Popular


  1. Cadmium pollution cleanup measures safe, effective
  2. Chinese consumers fill big Western shoes abroad
  3. Returned migrant workers refill "empty nests"
  4. Luxury shoppers ring alarm bells
  5. Twitter critics confuse politics with business decision
  6. Japan’s actions over Diaoyu Islands will backfire
  7. A reality check on lunar new year
  8. Riding the tide of the times
  9. EP should get fully involved in EU decision making
  10. How can Europe avoid "a lost decade?"

What's happening in China

Cold wave grips Inner Mongolia

  1. Executives detained in financing probe
  2. Residents worried as elevators stall, fall
  3. Hundreds saved from highway snow storm
  4. Police shoot robber after exchange of fire
  5. Five killed after car hits tree in NE China

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance