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China needs more jobs from services, energy industries: Italian experts

By Marzia De Giuli (Xinhua)

08:33, March 08, 2013

MILAN, Italy, March 7 (Xinhua) -- Upgrading services and energy industries through innovation will create more jobs and help China's transition to a sustainable economy, Italian experts said on Thursday.

In the current phase of structural evolution, building an efficient labor market is fundamental for maintaining stability, said Thomas Rosenthal, director of the Italy-China Foundation research center and professor of economics at the Catholic University of Milan.

"China's economy has slowed its pace in the transformation of its model into sustainable development centered more on quality than on performance of gross domestic product (GDP)," he told Xinhua.

Rosenthal said that China waits for new employment opportunities from innovative sectors such as green energies and services, able to absorb more skilled human resources.

In this process, he said, the state needs to withdraw from direct involvement in some aspects of the economy. It will have to find a more modern role as "provider of public and infrastructural services, as well as of basic research and development in the market-oriented global environment."

Alberto Forchielli, managing partner at Mandarin Capital Partners and president of the think tank Osservatorio Asia, shared Rosenthal's opinion that, in the coming years, China will need to strengthen the "virtual" industries and further develop its services sector, media included.

In his view, unavoidable wider use of cars and high carbon consumption for GDP growth will push solution of the crucial environmental emergency far away in time. But other issues high on the government's agenda, such as the fight against corruption, are set to give earlier results, he told Xinhua.

The expert believed that the current direction of China's economic transition will succeed in guaranteeing continuity over the next years.

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