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Transformation key to China's economic growth (2)

(People's Daily Online)

16:45, November 28, 2012

Reliance on innovation and domestic demand to achieve economic transformation

“Innovation is the requirements of scientific outlook on development and transformation of economic development mode,” said Li Yiping, professor of Renmin University of China. He pointed out that the progress of world economy needs innovation, so does Chinese economy.

Deputy Dean of the Academy of Macroeconomic Research at the National Development and Reform Commission Wang Yiming also stressed that Chinese economy must rely on innovation to realize a transformation from emphasizing scale expansion to focusing on promotion of quality and efficiency.

The 18th CPC National Congress pointed out that as the strategic support of improving social productive forces and overall national strength, scientific and technological innovation must be placed in the core position of national development, concentrating the whole society’s wisdom and strength on innovative development.

Ma Guangyuan said that the concept is unprecedented, clearly showing the courage and determination of China to say goodbye to investment-driven development mode in the past.

About the role of expanding domestic demand in changing the mode of economic development, the 18th CPC National Congress said, “We must firmly grasp the strategic basis of expanding domestic demand to accelerate the establishment of a long-term and effective mechanism and unleash the consumption potential.”

Fueling consumption is the strategic focus in expanding domestic demand. Chi Fulin said that China is still in a rising stage over the next 10 years and owns huge consumption potential. As long as the consumer demand can be effectively released, it is possible to maintain a moderate growth rate of 7 percent to 8 percent in the next 10 years.

Read the Chinese version at: 创新驱动扩大内需绘出转型路线图, Source: People's Daily Overseas Edition, Author: Wan Qian

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