We have launched E-mail Alert service,subscribers can receive the latest catalogues free of charge

You Are Here: Home > News> For the Press

China's economic growth needs greater opening-up, innovation, and rule of law

Dec 02,2014

At a Franco-Chinese Workshop on the quality of growth, in Beijing, on Nov 24, the Development Research Center of the State Council (DRC), signed an MoU with France Stratégie, Xinhua net has reported, quoting DRC minister, Li Wei, as saying, "China's economy has entered a crucial stage of transformation and the key to improved quality is in opening-up, innovation, and the rule of law."

Li went on to say that there are four things important for better economic growth – intensiveness, referring to the distribution and use of things, resources and the environmental inclusion, stability, meaning the ups and downs in growth, and fairness, seeing whether the growth benefits all levels of society.

Since the reform and opening-up began, China's economy has grown and improved significantly, he added, but it still has problems, such as intensity and environmental inclusion at a low level, a lack of a solid foundation for stable growth, and an unreasonable income distribution structure for fairness in growth.

So, to improve growth quality, Li said, the country needs greater opening-up, innovation, and laws to play a key role. China will establish a new system and create a new pattern to improve growth quality in globalization. In addition, it needs to better allocate its innovation resources, get social forces involved, and a breakthrough in its technological bottleneck. China also needs better laws to guarantee the quality of growth and a market economy that is efficient and fair through the rule of law.

The workshop was co-organized by the DRC and France Stratégie and was intended to apply the outcome of the 2nd Sino-French High-Level Economic and Financial Dialogue and promote think tank exchanges and cooperation between China and France.

The areas of economic growth, policy evaluation and public investment will be the focus of future cooperation between the DRC and CGSP.