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| Workers produce battery lead plate at a company in Ganyu County, east China's Jiangsu Province, Oct. 31, 2012. (Xinhua/Si Wei) |
BEIJING, Dec. 3 (Xinhuanet) – China's economy now stands at a crucial point. Given the recent signs of recovery, analysts see it may continue to pick up moderately but torrid growth is over. The future growth will be kept in a moderate range with scientific, stable and sustainable development becoming its dominating feature, they add.
Innovation key in growth model shift
During the past 30 years, thanks to reform and opening up, China has become the world’s second-largest economy, largest exporter as well as biggest manufacturing state. The three-decade-old growth model fueled by cheap labor, exports and heavy investment has started to fray amid pressure for higher wages and declining demand overseas due to the global slowdown. China is trying to rebalance the economy by promoting consumer spending, service industries and technological innovation.
In his report to the 18th National Congress of the Communist Party of China (CPC), Hu Jintao, its former general secretary, said China must speed up the creation of a new growth model and ensure that development is based on improved quality and performance.
Hu stressed that top priority must be given to scientific and technological innovation in overall national development; strategic adjustment of the economic structure should be carried out as the major goal of accelerating the change of the growth model.
At present, China’s economic transition has entered a “deep-water” area. Experts say that to transform the economic growth pattern, innovation should be developed into a new driving force, thus realizing the internal growth of economy. China's economy has to look for more knowledge-based production. It has to look for more value addition in its production. In this way, it can keep its economy continue to be competitive.
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