Economists suggest shift in economy
By Feng Jianmin |
November 2, 2012, Friday
|
Print Edition
Print Edition
CHINA should continue to encourage domestic consumption and widen investment options for private funds, economists said yesterday.
Cao Yuanzheng, chief researcher with the Bank of China, said relying heavily on investment to drive the economy will not work in the future as China's population grows older.
"Consumer spending must be encouraged to maintain economic growth," Cao said at a forum organized by the Shanghai Institute of Finance and Law.
He suggested the goal may be realized through more tax cuts.
Meanwhile Xia Bin, chief researcher with the State Council and former adviser to the People's Bank of China, said: "Shrinking fiscal revenue may force local governments to open up private investment channels."
They were speaking at a Shanghai Institute of Finance and Law forum.
Cao Yuanzheng, chief researcher with the Bank of China, said relying heavily on investment to drive the economy will not work in the future as China's population grows older.
"Consumer spending must be encouraged to maintain economic growth," Cao said at a forum organized by the Shanghai Institute of Finance and Law.
He suggested the goal may be realized through more tax cuts.
Meanwhile Xia Bin, chief researcher with the State Council and former adviser to the People's Bank of China, said: "Shrinking fiscal revenue may force local governments to open up private investment channels."
They were speaking at a Shanghai Institute of Finance and Law forum.
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