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Reform key to economic restructuring: Economists
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TO effectually push forward reform while controlling systematic risk is critical to China’s goal to restructure economy away from an investment-driven growth model, said Wu Jinglian, one of China’s leading economists.
“Growth in investment has reached its limit in boosting economy as continuing growth in investment would lead to diminished investment return and higher leverage ratio,” said Wu, senior research fellow of the Development Research Centre of the State Council.
“The solution is to improve productivity and efficiency through economic transformation, rebalancing from an economy fuelled by investment to an innovation-driven mode,” the 85-year-old scholar told China Chief Economist Forum held at Fudan University recently.
Wu said China proposed economic restructuring 20 years ago but it’s still yet to be accomplished due to slow process in reform.
“To bring forward reform becomes a key for China to promote rebalance and create new growth impetus,” he said.
Wu added that to ensure no systematic risk would occur was a precondition for reform. He said China should mitigate existing risks by properly handling local government debts, stopping ineffective investment, shutting down insolvent enterprises and revitalizing dead assets.
Controlling systematic risk should also be complemented with short-term adjustments in monetary and fiscal policies, said Wu, who suggested further reduction in taxation as part of fiscal support.
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