China should change growth model

MANILA, Nov. 15 (Xinhua) -- China's export-and-investment led growth model, which has been proved very successful previously, should shift to reliance on domestic demand to facilitate a sustainable economic growth, an official of manila-based Asian Development Bank (ADB) has said.

Robert Wihtol, director general for ADB's East Asia Department, said in a recent exclusive interview with Xinhua that this shift has two great advantages.

Firstly, it will create more jobs. The export and investment driven model is capital intensive, while the service driven model is based on consumer demand, so it will create more jobs.

Furthermore, this is particularly important in the current global situation. It will create a buffer against external shocks, added Wihtol, who used to be the ADB chief representative for China.

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