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Innovation, a choice for solving economic problems

(People's Daily Online)

16:12, March 21, 2013

First Academic Summit of Nobel Prize Winners in Economics was held in Beijing on Monday. China's economic problems have been discussed at the summit by Nobel Prize winners and Chinese economic experts.

Nobel Prize winner: China should solve economic function problems

Professor Alvin E. Roth from Harvard University, a Nobel Prize winner in economics in 2012, said China is a rapidly developed country around the world. The development speed of this country will sustain in the future.

A big challenge that China is facing is the economic function problem, said Professor Edmund S. Phelps from Columbia University, a Nobel Prize winner in economics in 2006, or to say manifestation of economy, like how to solve employment problems, how to increase economic growth, how to advance productivity and people’s income, how to fulfill personal development, etc.
Edmund S. Phelps said people believed that innovation is very important for China. China has strived to import overseas technology for domestic economy development and to catch up with U.S. technology. But the U.S. government and companies will not let China obtain their core technologies obviously. Therefore, China should encourage its own entrepreneurs to promote technology innovation.

Vice president of China's Central Bank: interest rate reform will be completed in the next ten years.
Liu Shiyu, the vice president of China’s Central Bank, said that reforms of interest rate liberalization and exchange rate liberalization are planned to be completed in the next decade.

China should develop privately operated small and medium banks and promote reforms of interest rate liberalization and exchange rate liberalization.

Former director of World Bank: the country should develop industries with comparative advantages.
Lin Yifu, former director of World Bank, said government should select industries with comparative advantages when scheming industry revitalization plan.

Lin said the continuous growth of a country’s economy needs the upgrading of industry technological structure. During this process, the government should promote industrial development with specific industrial policies.

Edited and translated by Ma Xi, People's Daily Online
Read the Chinese version: 官员学者热议中国经济 创新问题亟待解决
Source: China News

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