Pledge of strong reform
(China Daily) Updated: 2014-09-11 07:34Other views:
If China really wants to become a country full of economic vitality, it must inspire innovation. China should not only copy the West's ways of doing things. China needs to rely more on itself. This is an inevitable process coming with China's development, and a process transforming China to a new innovative economy, which relies more on innovation industries, innovations of individuals and enterprises at home.
Edmund Phelps, Columbia University, time-weekly.com, Sept 9.
Some causes for Japan's long-term stagnation also exist in China, such as preferential policies for some products and State-owned enterprises, monopoly of SOEs and State-owned financial agencies, excessive administration, vested interests, and the lack of financing and risky investment system for hi-tech enterprises. China's economy has finished the catch-up phase that featured export and investment. China's growth now has to mainly rely on the development of the consumption-oriented hi-tech products and services.
Xia Qingjie, Peking University professor, Oriental Morning Post, Sept 9
The old engines of the Chinese economy, exports and the housing market, are slowing down. That's why China's economic growth has also slowed. The Chinese economy is going through a U-turn and will rebound with the new engines of consumption-based infrastructure construction investment, private consumption, and the environmentally friendly development of Chinese industries.
Li Daokui, Tsinghua University professor, China National Radio, Sept 10
Some countries entered "a lost era" after fast growth. China also faces such a risk in the future. But the risk is not big, because China is deepening its urbanization. Some countries' urbanization rate had already reached 70 percent before the "lost era". But the rate of urbanization in China is still only 53 percent. China can still improve its production efficiency through urbanization. Yet, theoretically, a slow-down of the economy is unusual before the urbanization rate reaches a high level. China needs to reform its system continuously to remove the institutional barriers for growth.
Cao Yuanzheng, Bank of China economist, Sept 8
The Chinese economy has entered its "new normal state" now. We will promote and expand demand at home, stimulate rational consumption, continue the measures controlling "abnormal" consumption, and cultivate a healthy consumption order.
Xinhuanet.com, Sept 9
Today I chatted with my colleague. "Have you ever sent some gifts to your child’s teacher", he asked. "Never once", I answered firmly.
