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Curbs needed for bloated industrial capacity
By Economic Information Daily |
September 12, 2012, Wednesday
|
Print Edition
Print Edition
THE country's decision to scale back economic growth and lower the rate of GDP increase has caused anxiety among some experts who urge the nation to issue policies to stimulate economic development.
Actually, our emphasis now should no longer be on economic slowdown, but on structural imbalances that threaten the long-term health of our economy.
We are relying less on exports in order to have a trade surplus and are making progress in promoting investment in the underdeveloped central and western regions as part of the strategy to reduce the gap between the coastl regions and the hinterland.
This shows a positive trend that deserves to be encouraged by favorable policies.
The underlying problem of fast growth marked by fast investment and deficient consumption have played a major role in holding back our economy. We should avoid blind investment to expand industrial capacity, which will raise the prices of materials and delay the much anticipated economic structural reform.
Actually, our emphasis now should no longer be on economic slowdown, but on structural imbalances that threaten the long-term health of our economy.
We are relying less on exports in order to have a trade surplus and are making progress in promoting investment in the underdeveloped central and western regions as part of the strategy to reduce the gap between the coastl regions and the hinterland.
This shows a positive trend that deserves to be encouraged by favorable policies.
The underlying problem of fast growth marked by fast investment and deficient consumption have played a major role in holding back our economy. We should avoid blind investment to expand industrial capacity, which will raise the prices of materials and delay the much anticipated economic structural reform.
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