Commentary: Turning point for growth (3)

China also needs to rely on domestic capital, instead of foreign capital. China's low-end advantages have attracted huge amounts of foreign capital, which have made great contributions to China's industrialization, marketization and integration into the world economy. But China now needs to translate its own capital into international competitiveness.

Courage and vision are necessary to overcome any obstacles that might hinder the fundamental structural reform that allows the market and consumption to play a greater role in future growth. For more than 60 years, the world has witnessed China's rise from an underdeveloped country to a regional power. If China can succeed in transforming its growth model, it will enter a new stage of development and become a strong global power.

The author is a researcher in economics at the State Information Center.

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