Economic resilience expected to counter slowdown
Updated: 2012-07-24 17:07
(Xinhua)
|
|||||||||
Chang Xiuze, a researcher with the Academy of Macroeconomic Research under the National Development and Reform Commission, said investing in a modern service industry will be particularly significant.
"As services are produced and consumed simultaneously, investment in the service industry can give a huge boost to consumption," he said.
While economic restructuring is being optimized through investment, scholars have also urged the government to launch income distribution reforms as soon as possible to raise the incomes of middle and low-income groups.
"The fundamental driver of consumption is income. Facilitating consumption with subsidies can only increase spending," said Zhuang, referring to new subsidies for energy-efficient household appliances.
The other catalyst for economic restructuring, scholars maintained, will be to broaden access for private capital in key and strategic industries. Without deep involvement by private enterprises, which provide the majority of employment, economic restructuring will get nowhere, they warned.
So far, more than 20 ministries and governmental departments have released implementation measures encouraging private capital investment in the railway, public facilities, energy, telecommunication, public health and education sectors.
"We still need some time to see if these documents are viable and can bring substantial benefits to private enterprises," said Zhuang.
"The next five years will prove to be a very crucial time to increase the long-term resilience of the Chinese economy. Piecemeal responses stop pain temporarily, but the real cure comes from deepened reform," said Zhuang.
- Relief reaches isolated village
- Rainfall poses new threats to quake-hit region
- Funerals begin for Boston bombing victims
- Quake takeaway from China's Air Force
- Obama celebrates young inventors at science fair
- Earth Day marked around the world
- Volunteer team helping students find sense of normalcy
- Ethnic groups quick to join rescue efforts
Most Viewed
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
American abroad |
Industry savior: Big boys' toys |
New commissioner
|
Liaoning: China's oceangoing giant |
Today's Top News
Health new priority for quake zone
Xi meets US top military officer
Japan's boats driven out of Diaoyu
China mulls online shopping legislation
Bird flu death toll rises to 22
Putin appoints new ambassador to China
Japanese ships blocked from Diaoyu Islands
Inspired by Guan, more Chinese pick up golf
US Weekly
Beyond Yao
|
Money power |