Economy's social base weak
Updated: 2011-06-07 08:00
Comment on "Hard-landing fears misplaced" (China Daily, May 31)
My views on the issue are different. I think the problem does not lie with power supply.
In the second half of this year, food prices are going to affect the Chinese economy because of the recent serious drought.
But basically, the weakest part of the Chinese economy is its social foundation.
Public mind is very fragile. It can be hurt by even the slightest trouble. A good example of this is the panic buying of salt by people after the radiation leak from Fukushima Daiichi nuclear power plant in Japan in March.
Besides, our financial market is still not mature. There is no profound control over companies' performances, especially at the financial market level.
And many enterprises in a wide range of industries, both private and State-owned, do not have a global view or long-term strategies, which leads to chaos in management.
Manman, on China Daily website
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(China Daily 06/07/2011 page9)
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