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Chinese Economy Needs Vigor of Enterprises - Expert
A leading Chinese economist said in Tianjin Saturday that China should draw on other nation's experiences in recovering from the Asian financial crisis, and take steps necessary to cope with a potential global economic downturn.
Wu Jinglian, an advisor for the People's Bank of China, or China's central bank, made the remark in a speech on the Chinese economy and private enterprises.
He said the Chinese economy is facing many challenges. The US economy is going down after the September 11 attacks, and it is urgent for China to expand domestic demands to drive its economy.
Economic problems inherited from the development in the 20th century, like the readjustment of the structure of state-owned economy and the reform of state-owned enterprises, are yet to be resolved, according to Wu.
Farmers and agricultural production are still major concerns, and small and medium-sized enterprises in some parts of the country are underdeveloped, he said.
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