Current location:International Ideals news portal > politics
Forum highlights structural reforms
International Ideals news portal2024-05-21 13:14:57【politics】7People have gathered around
IntroductionZhu Min (left), vice-chairman of the China Center for International Economic Exchanges, at the 14th
Zhu Min (left), vice-chairman of the China Center for International Economic Exchanges, at the 14th Annual Meeting of the New Champions in Tianjin on Thursday. [Photo/China Daily]
Speakers: Nation should focus on digital, sustainable development
China needs to steadily advance structural reforms to propel high-quality growth instead of simply rolling out massive stimulus measures, and the focus should be placed on boosting digital and green development, said speakers at the 14th Annual Meeting of the New Champions, also known as Summer Davos Forum, in Tianjin on Thursday.
Zhu Min, vice-chairman of the China Center for International Economic Exchanges, told a forum on Thursday that the rebound of consumption and the property sector was weaker than anticipated, pointing to a major structural hurdle that must be overcome.
Meanwhile, Zhu said he believes that the real estate issues will not develop into systemic risk, saying the property sector will go through long-term structural change.
Facing pressure from a cloudy global outlook and geopolitical issues, he said the key lies in how China deals with these issues, saying that foreign trade may not have a strong cyclical rebound.
Looking ahead to the full year, Zhu said policies will be more structured in terms of spurring consumption. More efforts should be made to ensure incomes grow faster than the GDP this year, continue to improve social safety nets in terms of pensions and accelerate urbanization across China.
He highlighted the importance of creating new growth points, saying the focus should be placed on fields including manufacturing digitalization and carbon neutrality transformation.
The National Bureau of Statistics said year-on-year growth in investment, production and consumption all slowed from the previous month in May.
The country's industrial output grew 3.5 percent in May from a year earlier after a 5.6 percent rise in April, and fixed-asset investment increased by 4 percent year-on-year in the January-May period versus a 4.7 percent rise for the January-April period. Meanwhile, retail sales surged 12.7 percent year-on-year last month, but were down from 18.4 percent in April.
Against such a backdrop, Eswar Prasad, a professor of trade policy at Cornell University in the United States, said that China is now a $19 trillion economy at market exchange rates, and it is hard to envision an economy of such size and complexity continuing to deliver 8 percent to 10 percent growth. "But even if China delivers modest growth, it is important to keep in mind that for the world economy, it is important that China grows, but also how it grows."
He said at the same forum that China has made considerable progress in terms of rebalancing its economy, relying less on heavy investment-led manufacturing growth and trying to move up the value chain.
When it comes to the pressures and challenges facing the broader economy, he said China needs to have a better financial system that allocates resources in a way that is much more efficient for the most productive parts of the economy, which will generate both short-term and long-term growth.
Looking forward, he said the focus should be placed on boosting confidence of the private sector, and suggested a combination of short-term macroeconomic stimulus in terms of both fiscal and monetary policies.
Given the low comparison base of the previous year, Peng Sen, president of the China Society of Economic Reform, said at another forum on Thursday that China's second-quarter performance will be notably better than the first quarter, followed by steady growth in the third and fourth quarters.
He also said China's potential growth rate is above 6 percent, attributing the recent hiccup to the blow of the COVID-19 pandemic as well as various factors amid the sluggish international investment and trade environment.
In the long run, Peng said more efforts should be made to further boost development of the real economy, support the private sector and expand high-level opening-up.
Address of this article:http://finland.videocameralive.com/news-79d899896.html
Very good!(56)
Related articles
- Brazil replaces injured goalkeeper Ederson in Copa America squad
- Apple takes down WhatsApp, Threads from China app store — Radio Free Asia
- Missouri lawmakers again try to kick Planned Parenthood off Medicaid
- Arizona judge declares mistrial in the case of a rancher accused of fatally shooting a migrant
- Shooting injures 2 at Missouri high school graduation ceremony
- Canadian family receives wrong body after father died on Cuban vacation
- Smuggling of used cars into North Korea rises amid post
- Does this video show a military convoy in Myanmar’s Rakhine state? — Radio Free Asia
- US overdose deaths dropped in 2023, the first time since 2018
- Philippine troops kill 12 suspected Muslim rebels in clash that wounded seven soldiers
Popular articles
- Rangers are undefeated at .500 to keep World Series champs from a losing record with Bochy
- A cluster of earthquakes shakes Taiwan after a strong one killed 13 earlier this month
- Smuggling of used cars into North Korea rises amid post
- Tibetans say compensation for Chinese land grab is too low — Radio Free Asia
Recommended
Investigators return to Long Island home of Gilgo Beach serial killing suspect
Jury deliberating in Iraq Abu Ghraib prison abuse civil case; contractor casts blame on Army
Judge orders Florida State and the Atlantic Coast Conference to mediation in latest legal round
Suspect arrested in break
Britain's new bonkers EV: Callum Skye is an £80k electric buggy built in Warwickshire
Sleeping bags at the ready... MPs and peers dig in for late
Key recommendations for strengthening the neutrality of the UN agency helping Palestinian refugees
Serie A title, second star and derby: Inter takes it all with win over Milan
Links
- 10 major criminal suspects transferred back to China from Myanmar
- Schools in quake
- Former CSIC chairman sentenced to 13 years in jail for bribery, abuse of power
- Earthquake death toll in Qinghai rises to 18
- Earthquake death toll in Qinghai rises to 18
- Hybrid solar plant and fish farm in C China's Hubei offers environmental, economic gains
- Dog owners to shoulder all responsibility if banned large dog injures someone: top court
- Hybrid solar plant and fish farm in C China's Hubei offers environmental, economic gains
- Chinese cities mobilize new technologies to spur improved development
- Feature: Blind engineer opens up new vistas with computer game design