Latest News:  
Beijing   Sunny    10 / -4 ℃  City Forecast

English>>China Business

Commentary: Turning point for growth (2)

By Zhang Monan  (China Daily)

08:47, November 14, 2012

China's reform and opening-up since the early 1980s has released some of the country's huge potential for economic growth and successfully transformed a highly concentrated planned economy into a socialist market economy with great vitality; the government's macro-control playing an important role in optimizing the use of various resources.

Reform and opening-up coincided with changes in the global industrial and labor distribution systems, as manufacturing industries, the production chains of some high-tech and new industries, and some lower-end service sectors of the developed countries moved to developing countries during this period. China became the main destination for this global industrial relocation.

China's export-oriented development strategies also increased the efficiency of its development based on foreign investment and promoted its integration into the global market.

However, the growth model driven by the dividends from huge inputs and low labor costs is now coming to an end, and the impact of the global financial crisis and the ongoing debt crisis in the eurozone have forced China to accelerate the transformation of a growth model driven by exports and investment to one that is driven by consumption.

If China can double its average personal income by 2020, about 64 trillion yuan ($10.2 trillion) will be released and China will become a large consumer market with the potential to be a new driver for global economic growth. This would also enable a rebalancing of the global economy, as China would be consuming more, while developed countries would be saving more.

【1】 【2】 【3】

We recommend:
A Decade of Fastest Development Eastern Boom Lightens Western Gloom Oct. data released, inflation slows
Gold collection issued to mark 'Year of Snake' China: A Fast-growing Force in IPR 13th Int'l Automobile Industry Exhibition
China Int'l Industry Fair opens in Shanghai Caofeidian coal wharf put into use Canton Fair wraps up on Sunday


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Breitling Wingwalkers presents wonderful performance

  2. Airshow China 2012: Aircraft in place to shine

  3. Unforgettable moments in Nov. (II)

  4. Beautiful Tachuan Village, China's Anhui

  5. Heavy snow sweeps NE China

  6. RMB hits six-month high

  7. World's most lovely cat - Daisy

  8. Carl Warner's Foodscapes

Most Popular


  1. Airline outlook: Less turbulence, more profit
  2. Playing well with concepts can influence world
  3. 'Eagle Dad' defends extreme parenting methods
  4. Commentary: Venture no further
  5. Chinese MSN users hope for clarity, stability
  6. Public has right to real emergencies information
  7. Analysis: China's social financing stable
  8. Smartphones disconnect people
  9. Recalling Faulty Vehicles
  10. Puzzlement hits historic towers' road to WCH

What’s happening in China

Underground voices:grassroots singer in subway

  1. 180 million young people living single life in China
  2. Sina Weibo launches new charity platform
  3. Races canceled as students struggle to stay fit
  4. Chinese authorities urge school bus safety
  5. Survey team looks for rare white-flag dolphins