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Senior Chinese policymaker highlights restructuring, service industry in crisis lesson
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10:36, September 12, 2009

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A senior Chinese policymaker said Friday China needs to focus more on structural adjustment and reduce reliance on exports in what he called as a lesson learned from the financial crisis.

The country's economy has shown strong signs of recovery as major economic data released by the government Friday showed industrial output up 12.3 percent in August from a year earlier, 1.5 percentage points up from July.

Fixed-asset investment also accelerated to increase 33 percent in the first eight months year on year.

But as the economy starts its way for recovery, Zhang Xiaoqiang, vice minister of the National Development and Reform Commission, the country's top economic planning body, said China should pursue a more balanced economic growth, according to a report by China Daily Saturday.

"With the highest export dependence among all big countries, China has yet to find a solid foundation for economic recovery," said Zhang.

He said as a result of weak external demand, China's exports shrank about 20 percent in the first eight months.

Zhang urged the country to develop the service sector more rapidly in terms of economic restructuring, as the industry holds great potential for creating employment, said China Daily.

The service sector accounts for only 41 percent of GDP in China, far below the level of not only developed countries, but also the world average, according to him.

Source: Xinhua

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