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| Economists interpret Chinese economy |
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Economists say China's economy is at its best period ever. It's maintained rapid and steady growth, with no immediate threat of either inflation or deflation. Tsinghua University professor Bai Chong'en said:"This year has been a very good year in terms of economic performance. We have a fairly high rate of economic growth, we have a stable macro-economic environment, the price level has been stable. Internationally, we enjoy trade surplus, the total trade volume has been increasing significantly." But experts point out that there are some new problems emerging. One major issue is overcapacity. A growing capacity surplus in certain sectors, such as steel, cement and electrolytic aluminum, has seriously crippled the profitability of some enterprises. Experts say innovation is key to solving this problem, by stepping up industrial restructuring. Xie Fuzhan, deputy director of State Council R&D Center said: "Industrial restructuring should be the key for next year's economic work. We should try to transform the pattern of our growth, from one that heavily relies on investment and energy to one that stresses quality and efficiency. In this process, we should also emphasize innovation." Another problem is the widening trade imbalance, which is causing increasing trade friction and more pressure on the RMB to further revalue. Experts say China should seek to reduce its huge current account surplus by spurring domestic demand and consumption. Source: www.cctv.com Dec. 02, 05 |
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