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CPPCC official: China to be high income country in 9 years

CPPCC official: China to be high income country in 9 years


By Song Yu, Sina English  
        According to Zheng Xinli, an economist of Chinese Academy of Social Sciences, also the official of CPPCC, China will become a high income country by 2022(by international standard the per capita income reaches $1,2000), with its total GDP volume approaching or exceeding that of the US. At the same time, Zheng expressed his concerns that China could fall into the middle-income gap if reforms are failed to be carried out.
  Zheng acknowledges the difficulty to achieve the continued high growth rate lasted for the past 20 years. To maintain the high and sustained growth rate, Zheng said China needs to take following measures:
  1.Transform the patterns of development from investment-driven economy to consumption-driven economy.Emphasize should be placed on the tertiary industry whose development lags behind the world average. Besides, income distribution system needs to be reformed to ensure people's income increases in line with the economic growth.
  2.Create incentive for innovation, mobilize the investment and lobar force. By increasing financial support, China must further strengthen the innovative ability of the SOEs, universities and other research institutions. Meanwhile, China needs to further increase the income of its rural residents, and introduce more rural residents to work and live in cities while modernizing the rural areas, as well.
By Song Yu, Sina

[ Last edited by celebsmart at 3-6-2013 14:28 ]

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