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Opportunities lie ahead for emerging countries to achieve economic upgrading

(People's Daily Online)

13:39, August 22, 2012

While stressing the importance of economic growth, emerging market countries should realize under current international circumstances that they face both challenges and opportunities to achieve economic transformation and upgrading.

International experience shows that all developed countries have increased the quantity and quality of their economic growth through economic transformation.

Economic transformation has long been debated in emerging market countries, but progressed at only a slow pace. Emerging market countries’ past significant economic achievements overshadowed the need to transform their economies.

In this sense, it is the currently sluggish global economy that is forcing emerging market countries to quicken the pace of economic transformation and upgrading.

The key of transformation and upgrading is to transform the pattern of growth and adjust the economic structure. In the long run, if not strengthening the economic restructure, it will be very difficult for the emerging market countries to maintain economic vitality and achieve sustainable development.

The economic restructure involves a wide coverage, including economy, finance and trade. It has an influence beyond the expected and the risks and uncertainties are hard to entirely avoid.

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