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Experts weigh in on China's economy

(People's Daily Overseas Edition)

16:48, November 03, 2011

Edited and translated by People's Daily Online

Beijing, Nov.3 (People's Daily Online) -- Chen Wenling, director of the Comprehensive Department under the Research Office of the State Council: "For China, the best period for economic transition is the next five years. For enterprises, their transformations and renewals had better be completed in two or three years or in five years at most. Otherwise, they will be not able to find a correct direction."

Supply of money

Wu Xiaoling, member of the Standing Committee and associate director of the Financial and Economic Committee of the National People's Congress: "China has maintained a high delivery of credit and supply of money for three successive years, which has determined that China should not walk on the road of loosening the supply of money. The current difficulty in financing is not that interest rate liberalization has fallen short but that the financial regulations are too many."

Local financing

Zhu Guangyao, vice minister of the Ministry of Finance of China: "Most projects of China's local financing platforms are invested in the infrastructure construction. They are generally good but still face certain risks. Therefore, China should strengthen the supervision on one hand and reform financial policies on the other hand so that local government financing could be more systemized."

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Liang1a at 2011-11-0598.177.138.*
China"s economy has no future unless it can shift from exprts based on cheap labor and cheap yuan to domestic development based on indigenously owned technologies and the urbanization of the farmers while making China energy self-sufficient. Otherwise, it is a matter of time before Chinese economy collapses.

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