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Int'l community focuses on China's shift in economic growth model


08:38, November 14, 2012

BEIJING, Nov. 13 (Xinhua) -- China's endeavor to improve its socialist market economy and accelerate the shift in economic model is set to further increase the country's vitality and competitiveness and stimulate world economic growth, overseas officials, experts and media organizations said.

Sitaram Yechury, a senior leader of the the Communist Party of India (Marxist) and a member of the Upper House of Parliament, told Xinhua that the endeavors will propel China to build a socialist democratic and harmonious society, bridge the urban-rural gap and the income gap among various social sectors, boost its domestic demand and development, realize a balanced development and common prosperity in various areas and among all levels of society, and resolve problems in economic construction.

Hong Pingfan, chief of Global Economic Monitoring in the Department of Economic and Social Affairs at the United Nations, said over the past decade, China has advanced the construction of a socialist market economy.

In the next 10 years, only by reforming the economic, social and political systems could China continue to develop and improve its socialist market economy, he added.

Donald Lewis, a research fellow at Stanford Law School, said in a recent written interview with Xinhua that the leadership of the Communist Party of China (CPC) has adopted a new, future-oriented economic development model. Such a model may be termed the "Green Innovation Development Model" in which green economy and sustainable development feature prominently, he said.

The model was reiterated by CPC General Secretary Hu Jintao in his keynote report at the on-going CPC national congress, he added.

"What is most distinctive, one might say brilliant, about this new Chinese development model is the pairing of sustainable development with innovation and technological advancement," Lewis said.

Leonid Kalashnikov, first deputy chairman of the Russian State Duma International Affairs Committee, said China has already taken a positive step toward the transformation of its economic growth model and scored achievements.

China has a huge domestic market which, once its demand is fully released, will greatly stimulate the country's economic growth, he said.

Sergey Luzyanin, deputy director of the Far East Institute of the Russian Academy of Sciences, said China is currently committed to pushing forward a new economic development strategy in a bid to establish a growth model on the basis of innovation and domestic demand.

He said he expected China to make an in-depth adjustment in its economic structure in the next 10 years to ensure a long, stable economic development.

Henning Kristoffersen, a China expert in Norway, said the inclusion of green development in Hu's keynote report "underlines the commitment to China's current five-year plan, where the shift to the next development model for China is the overall goal."

"This shift is vital to deal with not only the imbalances ... inside China, but also to correct our global imbalances," he said.

Alicia Barcena, executive secretary of the Economic Commission for Latin America and the Caribbean, said it is a common issue for developing countries to choose their own development model, for which China's can provide an example.

"China, after having investment rates above 40 percent, is now trying to shift toward increasing domestic consumption. This structural modification will last very long years, but is timely," she said.

Argentina's Pagina 12 daily said the CPC is fully aware of the challenges facing China in the future and has mapped out a new strategy as the country needs to transform its growth model from cost competitiveness advantage to the one driven by technological innovation.

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