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'Inclusive growth' new economic buzzword
Source: Xinhua |
October 15, 2010, Friday
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Print Edition
Print Edition
INCLUSIVE growth promises a new strategy for China's development.
According to Chinese President Hu Jintao, inclusive growth means spreading the benefits of economic globalization and development among all countries, regions and people and to realize balanced economic and social progress through sustainable development.
China is gearing up for the Fifth Plenary Session of the 17th Central Committee of the Communist Party of China in which it will discuss proposals for the 12th Five-year Plan (2011-2015) - and "inclusive growth" is likely to be written into the Plan, said Zuo Xiaolei, chief economist at China Galaxy Securities.
The plenary session is scheduled to run from today through Monday in Beijing.
During the past three decades, China's economy has witnessed an amazing boom, in line with the policy initiated by the late Chinese leader Deng Xiaoping, of allowing certain regions and groups of people to become prosperous first.
The country's astounding economic growth, however, hides a series of problems. The most obvious is regional inequality.
According to a World Bank report, the Gini coefficient for China, a main gauge of income disparity, surged to 0.47 in 2009, exceeding the warning line of 0.4. The figure was 0.21-0.27 three decades ago.
China's policy makers have realized that the traditional development pattern, which greatly relied on exports and investment, is no longer sustainable.
Wang Tao, an economist with UBS Securities, expected Chinese policy makers to announce a lower medium-term GDP growth target and emphasize structural changes in the 12th Five-year Plan.
To bring about these structural changes, China must turn to a growth model driven by technological progress, higher production efficiency and a reformed income distribution mechanism, said ADB chief economist Zhuang Jian.
According to Chinese President Hu Jintao, inclusive growth means spreading the benefits of economic globalization and development among all countries, regions and people and to realize balanced economic and social progress through sustainable development.
China is gearing up for the Fifth Plenary Session of the 17th Central Committee of the Communist Party of China in which it will discuss proposals for the 12th Five-year Plan (2011-2015) - and "inclusive growth" is likely to be written into the Plan, said Zuo Xiaolei, chief economist at China Galaxy Securities.
The plenary session is scheduled to run from today through Monday in Beijing.
During the past three decades, China's economy has witnessed an amazing boom, in line with the policy initiated by the late Chinese leader Deng Xiaoping, of allowing certain regions and groups of people to become prosperous first.
The country's astounding economic growth, however, hides a series of problems. The most obvious is regional inequality.
According to a World Bank report, the Gini coefficient for China, a main gauge of income disparity, surged to 0.47 in 2009, exceeding the warning line of 0.4. The figure was 0.21-0.27 three decades ago.
China's policy makers have realized that the traditional development pattern, which greatly relied on exports and investment, is no longer sustainable.
Wang Tao, an economist with UBS Securities, expected Chinese policy makers to announce a lower medium-term GDP growth target and emphasize structural changes in the 12th Five-year Plan.
To bring about these structural changes, China must turn to a growth model driven by technological progress, higher production efficiency and a reformed income distribution mechanism, said ADB chief economist Zhuang Jian.
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