China Should Push Structural Reform: CICC Economist

China needs to push for more structural reforms such as lowering taxes for middle-income earners, reforming value-added taxes, and building its digital economy, according to an article in the People's Daily by Peng Wensheng, the chief economist at China International Capital Corp. Writing in the Daily on Friday, Peng said these reforms would successfully boost internal demand, counter a weakened global economy and build China's so-called "internal circulation," or internal market driven model. China should shun short-term stimulus such as a housing boom which could create potential instability in the future, Peng said.