China should take measures to expand its domestic consumption
instead of relying too much on investment and exports, Dr. David
Dollar, the World Bank country director for China, said in
Beijing Friday.
Economic restructuring would be the toughest task facing the
government next year, he said.
China's economic growth would slow slightly next year, he
said.
The Washington-based bank said in its latest Quarterly Update
that China's gross domestic product would grow by 10.4 percent this
year, and predicted a 9.6-percent growth next year.
Dollar said they were optimistic about next year's economic
growth.
The economic focus should be moved gradually to the domestic
market, he said. The government needed to improve its medical
insurance and social security system so as to let its people spend
more money in consumption.
In December, China would mark the fifth anniversary of its WTO
(World Trade Organization) entry, which had a higher than expected
impact on both the country and the world.
During the five years, China had maintained a growth rate around
10 percent, with the world economy had also developed well, with
2004 recording the highest growth rate in 30 years, he said.
Although China's WTO membership was not the only factor in the
fast economic growth of the world and China, it played a very
important role, said Dollar.
(Xinhua News Agency December 4, 2006)
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