Worse still, this extensive fast growth would put the brakes on the scientific and technological creativity that is vitally important to China's competitiveness in the world today and would make the country technologically dependent on the developed nations.

This means that we could have made progress yesterday, are able to retain growth momentum today, but could lose heavily tomorrow.

So putting "better" before "faster" is not merely an expedient, but reflects the change in priority of the country's development strategy.

Then, how can "better results" be brought about?

First, the existing industrial structure must be overhauled and optimized, with energy- and resource-saving techniques and environmental protection the top priority.

Second, the country's technological creativity and innovative power ought to be enhanced, finding expression in the upgrade of products, the nurturing of famous brands and the increase of added value.

Third, macroeconomic co-ordination should be continuously applied to accelerate the change of growth model.

Decision-makers at all levels should be highly aware of the negative impact of deficient consumer demand on sustainable economic development. The stumbling blocks in the way of boosting consumption demand should be cleared away at all costs and consumer needs ought to be spurred by all possible means. The income gaps between rural and urban residents in particular should be narrowed and the development disequilibrium between different areas bridged.

The author is a researcher with the China Foundation for International and Strategic Studies

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