Facing up to the post-crisis challenges

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A 2-day discussion over issues concerning the world’s emerging economies in the post-crisis period wrapped up November 1 in Haikou, Hainan Province, with an emphasis on China’s further transformation of its growing model.

As the "post-crisis era" is coming, the global power balance is likely to favor countries or economies with high-speed growth. The vigorous driving force of a new growth cycle will originate from newly emerging economies including China.

However, these emerging powers are confronted with deepening challenges both globally and domestically including increasing trade protectionism worldwide, climate change, self readjustment and the development of a low-carbon and green economy.

How best to tackle these problems and seize the current opportunity of world reshuffling? Can China find new engines for furthering economic boom given the decline of its traditional competitive advantage and evident shortage of internal motivation? More than 300 experts from China and abroad attended the forum and shared their views on these subjects.

Chi Fulin, president of China Institute for Reform and Development, which is based in Haikou, pointed out that it is an inevitable trend for China to switch from a world factory to a consumer power given the fact that both the interior and external impetus driving China’s economy has changed immensely.

Chi also said that in the post-crisis era, it is vital for China to boost reform in terms of the five characteristics of our time.

“In the post-crisis era, rapid development progress in China and drastic reshape of global structure have brought five trends in China’s reform. Firstly, consumption-led transformation and reform; the second is China’s accelerating-urbanization and reform; thirdly, altering of shortage of public good and reform; fourthly, we need to adjust to the era of low-carbon economy.”

“All these reforms must rely on the transformation and function of our government. So the fifth is that we are going to boost governmental transformation and reform.”

“These points came out in the pre-research stage of the 12th 5-year plan. They will have some referential value in the drafting. And we’ll try our best to make them play a role when the plan is drawn up.”

Script: Christie Lee

Video: Christie Lee