Making nation a powerhouse
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Vice Premier Zhang Gaoli says restructuring and upgrading the economy is key in building China into a powerhouse and avoiding the “middle income trap.”
Effective use of the economic structure, innovation and science and technology-based development, as well as frugality in resource use and environmental protection should be integrated to further upgrade China, he said at a symposium with ministers and provincial leaders in Beijing yesterday.
The “middle income trap” is where growth stagnates in an economy that fails to bring out its full growth potential after development reaches middle-income levels.
Zhang demanded government officials improve plans to eliminate outdated production, and stick to policies to promote resources efficiency and protect the environment.
He pressed ministers and provincial leaders to focus more on consumption, optimize investment structure and apply innovation-driven development strategies to support economic restructuring.
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