Economic restructuring to reduce unemployment (2)

Song also said that some of the industries that highly dependent on cheap labor are moving from China's coastal areas to places like Southeast Asia as the cost of labor and other factors rise.

But this does not have a material impact on the employment in China, which is still facing a shortage of cheap labor, he said.

Song also said that China has a larger capacity to absorb a moderate slowdown in economy with the partly tight labor market.

The China-Singapore Forum is jointly organized by the East Asian Institute, a unit of the National University of Singapore, and the Chinese People's Institute for Foreign Affairs. The participants include several former ambassadors of China and Singapore and scholars.

The economists said that they are confident of China making a successful economic transition with increasing domestic demand and the ongoing unprecedented mass urbanization in China.

"Actually the Chinese economy is still in its adolescence," said Tan Khee Giap, chair of the Singapore National Committee for Pacific Economic Cooperation.

Recommended Features: [Special]'Made in China' Revisited From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance Gold collection issued to mark 'Year of Snake' China: A Fast-growing Force in IPR IPR in China: Local Roots Bearing Global Fruits IPR in China: Causes for the Thriving Cause Caofeidian coal wharf put into use Canton Fair wraps up on Sunday