China seeks balanced economic growth in post-crisis era

09:51, March 12, 2011      

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In this post-financial crisis era when the world's economy is undergoing profound change, many countries, including China, are struggling to secure economic recovery and achieve sustainable development.

China is drawing on the experience of other nations while vigorously stepping up its own restructuring efforts and seeking new sources of economic growth in a bid to achieve a more balanced development and further spur its economy.

RESTRUCTURING AMID CHALLENGES

After more than three decades of rapid growth, China faces the task of restructuring its economy, particularly the current development model, to achieve sustainable development in the future.

In this respect, the time has come to sort out the root causes of problems and build on what has been achieved in the past to secure future growth.

Addressing challenges that hinder China's development calls for an overhaul of the growth model, which entails comprehensive, systematic and strategic changes.

Foreign experience shows government incentives to cultivate a small to medium enterprises (SME)-friendly business climate have been crucial to injecting vitality into the economy.

In the United States, where SMEs have long been valued, these companies have emerged as engines of innovation, jobs creation and higher income, fueling the country's growth.

Chen Zhiwu, a finance professor with Yale University, told Xinhua, Beijing needed to put more weight on the private sector as reform unfolds and give them a bigger role to play in creating jobs and generating new sources of domestic demand.

Chen said, though the U.S. and western European economies are recovering, China's growth potential driven by exports could no longer as strong as before.

Historically, state-owned enterprises have been labeled the "skeleton" of the economic structure, steering the economy's direction strategically. In the future, booming SMEs are expected to play a bigger role in China's development process towards a more domestic-driven economy.


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(Editor:李佳)

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