The Hot Zone
China's newly announced air defense identification zone over the East China Sea aims to shore up national security
Current Issue
· Table of Contents
· Editor's Desk
· Previous Issues
· Subscribe to Mag
Subscribe Now >>
Expert's View
Market Watch
North American Report
Government Documents
Expat's Eye
Photo Gallery
Reader's Service
Learning with
'Beijing Review'
E-mail us
RSS Feeds
PDF Edition
Reader's Letters
Make Beijing Review your homepage
Hot Links

cheap eyeglasses
Market Avenue

Economic Forecast for 2011
Special> 2010 in Retrospect> Economic Forecast for 2011
UPDATED: January 7, 2011
Yao Jingyuan:
China's economic development pattern must be changed


Yao Jingyuan, chief economist of the National Bureau of Statistics 

The Fifth Plenum of the 17th CPC Central Committee, held in October, included discussions regarding the transformation of China's economic development pattern. Changes to China's economic development are a significant part of the 12th Five-Year Program; analysts believe that this shows how urgently the reforms are needed.

"The biggest problem for the Chinese economy is not increasing its speed, but improving its quality," said Yao Jingyuan, chief economist of the National Bureau of Statistics. Since China started its program of reforming and opening up over three decades ago, the average annual growth of China's economy has hovered around 9.8 percent. Despite the impact of the global financial crisis, Chinese economy still grew by a staggering 9.1 percent in 2009.

The rapid growth of the Chinese economy is largely attributable to the development of its labor-intensive and energy-intensive industries. Faults in this growth model have become more apparent in recent years, with its momentum finally starting to show signs of waning. The transformation of China's economic development pattern is urgently needed to make the country's economic growth sustainable.

"The pursuit of faster growth must be put aside in order to realize economic transformation. I believe it is acceptable to lower the GDP growth rate to 8 percent so that we can focus on the optimization of industrial structure," said Yao.

Although efforts to China's economic infrastructure have been occurring for many years, there have been few obvious results. Yao believes that in order to make significant progress in 2011, officials must take charge and renew their efforts to reshape China's economy. In addition, China's largest companies must be encouraged to take part in the reforms; Yao believes that the Chinese Government should help these companies to retain their high profits while changing their production methods.

Top Story
-Protecting Ocean Rights
-Partners in Defense
-Fighting HIV+'s Stigma
-HIV: Privacy VS. Protection
-Setting the Tone
Most Popular
About BEIJINGREVIEW | About beijingreview.com | Rss Feeds | Contact us | Advertising | Subscribe & Service | Make Beijing Review your homepage
Copyright Beijing Review All right reserved