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China has acted swiftly and resolutely to recover the brisk economic growth it has enjoyed in the past five years. But growth is not everything. Analysts fret that the government’s spending spree may complicate the country’s efforts to edge toward a consumption-driven economy. What should we do to prevent the economy from falling off a cliff and at the same time switch the mix of growth from exports and investment to consumption? Yu Yongding, Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, discussed this issue in an inter- view with China Securities Journal. Excerpts follow:
China has acted swiftly and resolutely to recover the brisk economic growth it has enjoyed in the past five years. But growth is not everything. Analysts fret that the government’s spending spree may complicate the country’s efforts to edge toward a consumption-driven economy. What should we do to prevent the economy from falling off a cliff and at the same time switch the mix of growth from exports and investment to consumption? Yu Yongding, Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, to deal with this issue in an inter- view with China Securities Journal. Excerpts follow: