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A People's Daily Online Original Production | Producer/Anchor: Li Zhenyu | Special Advisor: Shi Mingshen

Introduction

China is now at an important juncture in its development. Decades of double-digit growth have become unsustainable for the rising economic power, which has triggered a host of issues concerning China's economic transformation.

In this special feature, joining our discussion on China's consumption transition are J.P. Morgan managing director Jing Ulrich, former chairman of Morgan Stanley Asia Stephen Roach, dean of the George Washington University School of Business Doug Guthrie and the World Bank lead economist John Wilson. They uncover the answers to these questions:



Economic Transition: Is China Walking the Talk?

Is China Walking the Talk in Reform?

Is China Walking the Talk in Reform?

China is moving toward the next stage of development. The wheels of economic transition are turning. The economic transition is high on the agenda of China's new leadership, and a series of rebalancing efforts are being taken by the government. Slowly but surely, the next China is coming into focus.

"In the past many years, China's economic model has been very reliant on exports, but that year is over. China now has an economy that is already the second-largest in the world. China needs to really transition the economy to more of a consumption-driven economy," Jing Ulrich, managing director and chairman of global markets, China at J.P. Morgan, told me.

Doug Guthrie, dean of the George Washington University School of Business and a Western expert in China's economic reform, thinks that China has not only talked the talk and is really walking the talk. [More] [中文]

Key Drivers for China's Domestic Consumption

Potential of China's Consumer Power

Potential of China's Consumer Power

The majority of media outlets claim that China's current economic model is running out of steam, and the nation should move away from the current investment-driven model to a new one that relies on domestic consumption.

But at its current development stage, with its per capita GDP lagging well behind that of developed countries, can consumption really play a major role in powering the Chinese economy? [More] [中文] 

The potential of China's consumer power will be unleashed as the nation improves its social services. That's one big driver for the domestic consumption. But are there any other ones? [More] [中文] 

Chances and Challenges Facing Consumption Transition

Funding of Social Safety Net is the Key

Funding of Social Safety Net is the Key

China needs a successful transition to a consumer economy to rebalance its economic structure and put the economy on a healthier and more sustainable footing. The hidden potential of the 1.3 billion Chinese consumers, once unleashed, will also make China the world's largest consumer market and the top export destination for other major economies.

The question here is how to successfully implement the much-anticipated transition. What steps are needed to build a modern consumer society in China? [More]

Doug Guthrie, a Western expert in China's economic reform, believes that in order to make the successful transition to a consumption-led economy, China has some challenges to overcome. [More]

New Opportunities amid Economic Transition

Walmart Stays to Capture the Market

Walmart Stays to Capture the Market

China is now moving toward a new growth model that relies more on domestic consumption. The country's successful transition to a consumption-led economy is certainly good news for foreign businesses, since the hidden potential of the 1.3 billion Chinese consumers, once unleashed, will make China the largest consumer market in the world.

And in the eyes of Doug Guthrie, professor of International Business at The George Washington University (GWU), some foreign companies have already seen the potential of the Chinese market, despite China's rising labor costs. US Retail Corp. Walmart is a prime example. [More]

Economic Transition: On the Road

China's Economic Reform Is Underway

China's Economic Reform Is Underway

Now, all eyes are on China's new round of economic reforms. It is beyond doubt that China is determined to implement the economic reforms even though its economy may grow at a slower pace as a result.

Former chairman of Morgan Stanley Asia Stephen Roach believes that the potential of China's consumer market will outstrip the growth of any consumer market in the world, but why? [More] [中文] 

And the next logical question would be: How long will it take for China to finish the transition and build a modern consumer society? [More] [中文] 

In regard to the economic transition, are there any experiences that China can borrow from the world's most developed economy — the United States? [More] 

The Next Chapter: Financial Reform Is a Top Priority

A Path to Financial Liberalization

A Path to Financial Liberalization

Timothy Adams on China's financial reform

China is moving toward the next stage of development through a new round of economic reforms, and transforming China's financial sector is essential in rebalancing China's economy.

Timothy Adams, President and CEO of the Institute of International Finance (IIF), recently shared with us his perspectives on China's financial reform. The former Undersecretary for International Affairs at the U.S. Department of the Treasury talked about the unique role financial reform plays in transitioning China's growth model, capital market reform in China, how to solve China's shadow banking dilemma, keys to China's successful financial reform, and the next critical step in the much-anticipated reform. [More] [中文] 

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