1. Friday May 25, 2018
      Home > News > Economy
      Text:| Print|

      Nation's economy to undergo change

      2012-11-07 08:11 China Daily     Web Editor: qindexing comment

      China will see a shift from an investment-driven economy to a consumption-driven one in the coming decade, a development bolstered by increased urbanization and restructuring, economists said.

      About 400 million Chinese rural workers are expected to become city dwellers in the coming 10 years, and the change will create considerable consumption demand, said Chi Fulin, president of the Hainan-based China Institute for Reform and Development.

      "Consumption demand unleashed by increased urbanization is expected to guarantee that China's economy keeps a growth rate ranging from 7 to 8 percent in the coming decade," Chi said.

      The economist made the forecast ahead of the 18th National Congress of the Communist Party of China, scheduled to open on Thursday, which will see the election of the new top leadership for the world's second-largest economy.

      Topping the agenda for the new leadership will be the country's economic transformation from one overdependent on investment to one more consumption-driven.

      China's investment rate is about 50 percent, which is very high compared with other countries, although the growth in consumption has gained some momentum this year.

      In the first three quarters, China's final consumption expenditures — the sum of household and government consumption expenditures — accounted for about 55 percent of its gross domestic product, indicating for the first time in 10 years that the contribution of consumption surpassed that of the investment.

      China's residential consumption demand, which was 16 trillion yuan ($2.56 trillion) in 2011, is expected to climb to about 30 trillion yuan in 2016 and up to 50 trillion yuan by 2022, Chi said, adding household consumption is going to account for about 50 percent of GDP by then, and the final consumption is going to represent about 60 percent of that, forming a consumption-dominated economic growth pattern.

      "Maintaining reasonable investment is suitable for China's conditions, but the focus of investment should be switched to public sectors such as education, medical care and social security," Chi said.

      Zhang Yansheng, secretary-general of the Academic Council of the National Development and Reform Commission, called the year 2012 a "turning point" for China as it seeks to change its long-term unbalanced development strategy.

      He noted a number of challenges facing the Chinese economy, such as declining exports, the reluctance of enterprises to make investments, and overcapacity in some sectors.

      Growth of the eastern coastal areas, which used to be the driver of China's economic growth, has faced a slowdown affected by weak external demand and industry migration, but the new model for future growth remains unclear, he said.

      China's economic growth slowed to 7.4 percent in the third quarter, a seventh consecutive quarter due to weak demand, but many economists said the growth is likely to bottom out.

      Economic growth in emerging economies has been seriously affected by the eurozone's lingering debt crisis and the sluggish US economy.

      The International Monetary Fund has cut its forecast for China's economic growth this year to 7.8 percent and that of India to 4.9 percent.

      Comments (0)

      Copyright ©1999-2011 Chinanews.com. All rights reserved.
      Reproduction in whole or in part without permission is prohibited.

      主站蜘蛛池模板: 亚洲深深色噜噜狠狠网站| 亚洲中文字幕无码一区| 亚洲人成影院在线高清| 1000部啪啪未满十八勿入免费| 亚洲另类激情综合偷自拍图 | 色偷偷女男人的天堂亚洲网| 18级成人毛片免费观看| 亚洲无砖砖区免费| 青青青国产在线观看免费| 亚洲成人午夜在线| 99免费在线观看视频| 亚洲综合自拍成人| 18女人毛片水真多免费| 亚洲一区免费视频| 在线免费观看毛片网站| 亚洲av永久中文无码精品综合| 免费欧洲毛片A级视频无风险| a一级毛片免费高清在线| 精品国产_亚洲人成在线高清| 久久久免费精品re6| 亚洲伦理中文字幕| 亚洲av无码专区在线观看素人| 国产99久久久国产精免费 | 日本免费久久久久久久网站| 亚洲天天做日日做天天看| 麻豆国产精品免费视频| 亚洲欧美精品午睡沙发| 四虎影院永久免费观看| 免费人成在线观看视频高潮| 国产福利在线观看免费第一福利| 亚洲色少妇熟女11p| 久久亚洲国产成人影院网站| 99在线观看精品免费99| 色天使亚洲综合一区二区| 在线亚洲97se亚洲综合在线| 麻豆国产精品免费视频| 黄色a级免费网站| 亚洲综合久久久久久中文字幕| 麻豆成人精品国产免费| 在线成人精品国产区免费| 亚洲黄色激情视频|