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Innovation key to growth model shift in China's economy (2)

By Lu Hui (Xinhua)

09:54, December 04, 2012

Economist Gu Shengzu, vice-chairman of the Central Committee of the China National Democratic Construction Association, said that in the new development period, China’s economy should strive to transform from “factor-driven” and “investment-driven” to “innovation-driven” featuring improved productivity by means of technological advancement; should shift from “population dividends” and “land dividends” to “innovation dividends” and “system dividends” released by deepening reform.

Donald Lewis, a research fellow at Stanford Law School, said in a recent written interview with Xinhua that the leadership of the Communist Party of China has adopted a new, future-oriented economic development model. Such a model may be termed the "Green Innovation Development Model" in which green economy and sustainable development feature prominently, he said.

"What is most distinctive, one might say brilliant, about this new Chinese development model is the pairing of sustainable development with innovation and technological advancement," Lewis said.

Sergey Luzyanin, deputy director of the Far East Institute of the Russian Academy of Sciences, said China is currently committed to pushing forward a new economic development strategy in a bid to establish a growth model on the basis of innovation and domestic demand.

He said he expected China to make an in-depth adjustment in its economic structure in the next 10 years to ensure a long, stable economic development.

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