'Concern over pace' of China's economy unnecessary (2)

08:23, July 21, 2011      

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Experts believe that the slowdown in economic growth can bring some benefits. Fang said that when the economy slows, certain high-pollution industries and low value-added industries, such as the manufacturing outsourcing industry, will gradually whither away, while competitive industries with advantages in brands, technology and intellectual property rights will prosper.

Beim is highly optimistic about the future of China's economic growth and agrees that the country's economic development pattern should be transformed. He believes that China will make even greater achievements in the future if its economic growth is driven by domestic consumption.

He said that the Chinese economy should follow a domestic consumption-driven growth pattern, but the shift from the old pattern to the new one will be a gradual process, and China's economic growth will inevitably slow in the process of structural adjustment.

China's total import, export volume maintained steady growth

According to data about investments, consumption and exports, dubbed the "troika pulling along China's economy," China maintains strong momentum for economic growth and will not likely suffer a hard landing.

According to latest government statistics, the year-on-year growth rate of fixed-asset investments in China in the first half of 2011 was nearly 26 percent at the national level and more than 28 percent at the local level. Meanwhile, the country's total retail sales of consumer goods reached nearly 8.6 trillion yuan, a considerable increase of nearly 17 percent from a year earlier. Furthermore, China's total import and export volume maintained a steady growth rate of around 20 percent in the first six months of the year, though much slower than the same period of last year.

Industry insiders believe that given the current situation and trend of China's economic development, there is no need to worry about the economic growth rate. Instead, China should make efforts to improve the quality of its economic growth when the growth rate drops and to increase the economic growth rate in the next round of industrial competition.

By Luo Lan from People's Daily Overseas Edition, translated by People's Daily Online
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