New expansion drivers
Print Edition
CHINA should tap the private sector, services and e-commerce in the next five years to grow the economy as the current focus on credit expansion and investment will further unbalance development, Moody’s Investors Services said yesterday.
The output from services has been rising since the first quarter of last year, and the proportion of e-commerce in the total retail sales already amounted to over 10 percent — indicating potential as future economic growth drivers, said Michael Taylor, Moody’s chief credit officer for Asia-Pacific.
Focusing on these newly emerging sectors can reduce the economy’s reliance on credit and ensure sustainability for China’s economic growth in the medium term, he said.
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