China To Speed Up Economic Transformation
BEIJING (Dow Jones)–China President Hu Jintao on Wednesday urged the country to speed up the transformation of its economic development, according to a statement posted on the central government’s Web site.
scroll down to continue reading
China should rely less on investment and exports for economic growth and instead shift to a balanced reliance on a mix of consumption, exports and investment, Hu said, according to the statement.
China must also increase the contribution of services and the agricultural industry to economic growth, he said.
The foundation of economic recovery is still not solid and the financial crisis has highlighted problems in China’s development, he said.
Hu reiterated that China will strive to maintain fast and stable economic growth.
Hu’s comments are among the strongest yet from the Chinese leadership on the long-standing goal of adjusting China’s economic growth pattern.
Transforming China’s economic growth model is the only way to fulfill the Communist Party’s commitment to improve the daily lives of the Chinese people, he said.
-By Aaron Back and Patricia Jiayi Ho, Dow Jones Newswires; (8610) 8400 7702; patricia.ho@dowjones.com
Related posts:
- China GDP Growth Likely Reaches 10% in 2010
- China Focus on Domestic Consumption
- Stock Index Futures, Margin Trading in China Approved!
- Banks Fall After China Raise Reserve Ratio by 0.5%
- Google Threatens to Withdrawl from China
