Caixin Debate 2013 Davos-China 2020
    2013-01-24 14:07:28     CRIENGLISH.com      Web Editor: Liu Ranran
China has come under the spotlight at the first day of the World Economic Forum meetings in Davos.

 

China has come under the spotlight at the first day of the World Economic Forum meetings in Davos.

At issue is how the income gap in China is going to be closed, and how China is going to sustain itself over the long-term.

Xu Xiaonian is the the Professor of Economics and Finance with the China-Europe International Business School.

"To narrow the income gap and make the household income to double is not an easy job. The key for China's economic growth is never at demand side. It should be at supply side. Household income could have no substantial increase if governments and state-own enterprises had their revenue decreased."

Ma Weihua, President of China Merchants Bank, contends consumption needs the driving force behind China's growth.

"A general plan on income distribution is in need. Meanwhile efforts should be made at balancing social insurance and warfare. It all requires the further reform on the social and economic fronts."

Li Jingtian is a Senior Vice-President at the CPC Party School.

"Whether to further promote the opening up and reform strategy now is a thing for determination. China's development has been gradually hinged on and leaning to the prospering of other nations and overseas companies. Hence we need to step up our opening up policies in the future."

Many of the delegates in Davos have been suggesting the reform of China's financial sector is going to be pivotal for sustaining long-term growth.

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