A senior Chinese official reaffirmed on Saturday a national goal of shifting China’s economy away from its dependence on investment and exports and toward a more sustainable emphasis on consumption spending.
In doing so, the official, Zhang Ping, the chairman of the National Development and Reform Commission, glossed over recent data that suggested the reverse might be happening.
Mr. Zhang, whose agency oversees economic planning and coordinates the country’s economic ministries, said in a news conference held in conjunction with the 18th Party Congress that the Chinese economy was growing again, crediting government policies aimed at moving China away from its reliance on capturing an ever greater share of overseas markets for its exports. He also claimed success in easing the economy’s dependence on enormous investment, which has become less efficient and less productive as many industries struggle with overcapacity.
Source: New York Times. Read full article. (link)