Latest News:  
Beijing   Cloudy    11 / 1 ℃  City Forecast


Innovation key to growth model shift in China's economy

By Lu Hui (Xinhua)

09:52, December 04, 2012

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.

【1】 【2】 【3】 【4】 【5】

Recommended Features:
Vibrant Opportunities amid Transition From 'Made in China' to 'Created in China' A Journey to Cultural Renaissance
The Vision of A Pillar Industry China: A Fast-growing Force in IPR A Splendorous Landscape of China's Wealth
A Decade of Fastest Development Eastern Boom Lightens Western Gloom Chinese firms 'potential Trojan horses'?


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese navy fleet conducts search drills

  2. World Military Shooting Championship

  3. Unforgettable moments you can't miss in Dec.

  4. Photos of China 30 years ago

  5. Blizzard hits Northeast China

  6. Turnover at Tmall, Taobao tops 1 trillion RMB

  7. Pretty hot! Miss Bikini Global China Contest

  8. Zhang Ziyi and Sa Beining show up together

Most Popular


  1. Bigger global role for RMB in 2013
  2. Income doubling goal needs strategy
  3. Victims of sexually explicit photographs
  4. Student questions China's education system
  5. US investors 'choosing to stay in China'
  6. Solar industry gaining strength from home market
  7. China a very 'important, exciting' market
  8. West needs new view on China
  9. Level playing field for private firms
  10. Much room for China-ASEAN economic co-op

What’s happening in China

Photos of China 30 years ago

  1. Birth permit process simplified for migrants
  2. Urumqi witnesses snowfall
  3. Rescue of 14 trapped in colliery flooding slowed
  4. Chinese netizens vote for Good Samaritan
  5. Snowstorm disrupts air traffic, affects 12,000