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Faster growth mode shift urged
China’s top economic planner said
BEIJING – China’s top economic planner on Wednesday said the country will further accelerate the shift of the economic growth mode, as against inadequate consumption and high energy use.
Zhang Ping, head of the National Development and Reform Commission (NDRC), made the remarks when reporting to the Standing Committee of the National People Congress, the country’s top legislature.
Zhang said the government will focus on raising people’s incomes and improving their expectations in economic situations in a bid to expand domestic demands, especially household consumption.
Domestic consumption’s contributions to economic growth is still limited. Although the China’s retail sales jumped by 15.5 percent and 18.3 percent in 2009 and 2010, respectively, compared to the previous year, the final consumption expenditure as a percentage of GDP is in decline, according to Zhang.
China has achieved an economic take-off through extensive economic growth in the last three decades, however, it has cost a lot in environmental damage and resources. Shifting the growth mode can make the economy achieve sustainable development.
Industrial structure should be further optimized, and science and technology innovation should be accelerated, Zhang said in his report.
He has also called for enhanced environmental protection and further energy saving and emissions cuts, saying that the eco-system remains fragile and energy consumption high despite the positive achievements made in the 11th Five-Year Plan period from 2006 to 2010.
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Faster growth mode shift urged
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