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MNI BRIEF:China Must Pursue Reform To Unleash Growth Potential

MNI (Singapore)
MNI (Beijing)

China should push a new round of structural reforms which will stabilise economic growth in the short term whilst strengthening medium- and long-term development momentum, said Liu Shijin, a member of the Monetary Policy Committee of the People's Bank of China.

This should include leveling up public services for the rural population entering cities, stabilizing the real estate sector, stimulating entrepreneurship, and promoting an industrial upgrade to develop future industries, Liu told the Financial Street Forum in Beijing on Wednesday. “China is still in the medium-speed growth stage of about 5%, and may have the potential for medium-speed growth in 5-10 years,” he said.

While unleashing growth potential, China should focus on expanding demand by increasing the consumption level of lower income groups to approach that of middle- and high-income groups, while optimizing supply by leveraging digital technologies and green transformation for industrial upgrade, Liu noted.

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