Experts call for reforms to rebalance growth
Print Edition
Experts are calling for a faster roll out economic reforms in China, emphasizing the need to cool investment expansion to support sustainable economic growth.
Speaking at a forum organized by CreditEase, a wealth management and peer-to-peer lending platform, in Shanghai yesterday, they urged a rethink on China’s growth mode.
Chen Zhiwu, professor of finance at the Yale School of Management, warned there will be greater risks in China’s economy than Europe in the next five years if the country refrains from economic reforms to rebalance growth.
“Policy makers in Europe were driven into an impasse and are now being forced to carry out reforms,” Chen told the forum. “But in China, the current situation is still comfortable for many and they are lacking in incentives to change.”
He said investment on infrastructure has been up 20 percent on-year in the past months, indicating the government is making insufficient efforts to drive economic restructuring.
“But there is little room for China to continue its previous growth mode with dependence on investment and credit expansion,” said Chen. “Money supply has already doubled China’s gross domestic product, and a continuous increase will lead to a financial crisis.”
Tang Ning, CEO of CreditEase, called for greater financing support to the private sector.
“The difficulties small firms have in gaining financing will greatly dampen China’s growth potential,” Tang said. “It will hurt innovation as well as the wealth of ordinary people.”
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