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Qiushi on the Direction of China’s Economy

A recent Qiushi article discussed the direction of China’s economy. It stated that China should continue relying on development-based high economic growth to solve its problems.

The author argued that, with a per capita GDP of US$6,090, for the next ten years China should still rely on the high economic growth model in order to reach US$12,000. By then it will be able to join the ranks of developed countries.

He rebutted the idea of laying blame for China’s current economic and social problems, such as environmental pollution, an increasing gap in income distribution, an imbalance between urban and village development, an imbalance in regional development, and insufficient public services, on the rapid economic development in the past. Instead, the author argued that the problems that have occurred during economic development can only be solved in through the process of further development.

The author listed the following as the direction for economic development: expanding consumption by taking real estate and the automobile as the driving force; developing a third industry to absorb a large number of unemployed people; getting more farmers off the land to work in cities; building a system to encourage more innovation; and developing and improving capital markets.

Source: Qiushi, November 1, 2013