is a false proposition

The

World Bank East Asia and Pacific Region Chief Economist Hao Fuman (Bert Hofman) accepted xinhuanet.com Singapore channel reporter an exclusive interview with

???? xinhuanet.com Singapore channel on 11 June, (reporter Wu Tingting) since the "proposed consumer driven theory", has been controversial. Somebody thinks, consumer can replace investment as the engine of economic growth Chinese, also somebody thinks, consumer driven theory itself against the basic principles of economics. In this regard, the World Bank East Asia and Pacific Region Chief Economist Hao Fuman (Bert Hofman) views take. Said he accepted xinhuanet.com Singapore channel interview during the 2014 Singapore International Water Week, "consumer driven" is a false proposition, "efficiency driven" is the new engine of economic growth Chinese.

???? reporter: in the first quarter of China slowing economic growth, Cheap Flames Jerseys the real estate downturn, many agencies lowered GDP growth this year is expected to. Cheap Capitals Jerseys China economy is in the structural adjustment process, how to the next phase of the situation?

???? Hao Fuman: GDP growth is Chinese economy develops to a certain stage of the inevitable outcome. Chinese economy maintained about 10% of high growth in the past decades, but with the China increasingly rich, base increases, slowing economic uplink is difficult to avoid. In addition, the current market environment Cheap NHL Stanley Cup Jerseys has undergone great changes. 20 years ago, in the SOE laid-off workers, a large number of rural labor force into the city to work in the background, there is surplus labor force, so only to maintain rapid economic growth, to create a lot of jobs to ease the pressure. Looking at the present, on one hand the labor market is stagnant or even negative growth, key areas of growth on the other hand also changes: Cheap Blues Jerseys from manufacturing to service industry. Data shows, the traditional manufacturing industry continues to grow but the growth rate has slowed down significantly, lower than the service industry. Service industry is labor-intensive industries, each unit of economic growth can actually create more employment opportunities. In the context of economic restructuring, has no need to be so high growth to create employment opportunities.

???? reporter: how to treat Cheap Hurricanes Jerseys the downside risks and local government debt, real estate and other risk factors Chinese economy faces in the structural adjustment process?

???? Hao Fuman: in the past Chinese dependence to stimulate investment growth pattern has accumulated some risk, with a view, Chinese debt to GDP ratio is too high. In my opinion, this growth rate is fast in recent years, but taking into account the base factors, in fact is not high. Overall, the risks are controllable. I think that, after a stage of "Fuzheng Guben", credit led growth gradually slowed down, can reduce the risk China economy.

???? in fact, China government has recognized this point. Last year, the Third Plenary Session of the eighteen proposed to the private sector and foreign investment and opening up new field. In my opinion, these measures will serve as a catalyst China economic growth. By opening up new areas, to attract diversified.