Economic restructuring a "matter of life and death" for China: economist

[Roybot]

BEIJING, Dec. 24 (Xinhua) -- Renowned China economist Li Yining said Saturday that adjusting the structure of China's economy is a "matter of life and death" while the structure of GDP is more important than its size.

The focus of the country's economic structure adjustment now should be transforming the dual structure in the urban and rural economy, which causes the widening income gaps between urban and rural residents, Li said at the China Economic Forum.

He also noted that the key to stimulating domestic demand is to raise the workers' wages.

With the external demand waned, the Chinese government has attempted to turn to domestic consumers to take up the slack. The country vows to expand domestic demand next year and increase residents' income, especially for disadvantaged groups.

However, Li said raising household income is not enough and the government also needs to improve its social security system as well as increase construction of affordable houses and public rental houses.

The country plans to begin construction or renovation on at least 7 million housing units for low-income groups next year, Minister of Housing and Urban-Rural Development Jiang Weixin said Friday.

Economic restructuring a "matter of life and death" for China: economist - Xinhua | English.news.cn

 

[Chinese-Dragon]

Absolutely right.

No Government can afford to be relaxed when it comes to the Economy.

All things need to "adapt", in order to survive and prosper. We need to build up our own internal markets, and our domestic consumption, this is very important for the future.

We have one of the biggest domestic markets in the world. This is one of our greatest strengths, we need to harness it properly... for the benefit of our own people. Not for outside corporations.

 

[below_freezing]

Correct, our government is not resting. There will never be rest for our planners.

On the other hand...

 

[ChineseTiger1986]

For sure, our GDP is going to be restructured as our coming upgraded chain of industry.

However, our GDP growth is still going to be number one.

 

[Huan]

Absolutely right.

No Government can afford to be relaxed when it comes to the Economy.

All things need to "adapt", in order to survive and prosper. We need to build up our own internal markets, and our domestic consumption, this is very important for the future.

We have one of the biggest domestic markets in the world. This is one of our greatest strengths, we need to harness it properly.

We have American Exceptionalism here in America. Economic restructuring for the USA? No biggie. We are special and powerful enough to not worry so much. xDD After all, democracy is what is important. And it delivers results many many times.

I think we Americans can sit back more while we watch China try to catch up. *sarcasm