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New economies, new momentum ensure long-term growth

Updated: Oct 24,2016 3:25 PM

China’s latest economic data from the past three quarters meets expectations, indicating an increasing new growth momentum under a system reform, optimizing structure and upgraded factors of production.

Upgrading of consumption has released huge space for economic growth, with its contribution of up to 71 percent.

As consumers begin to pursue development and enjoyment, China’s industrial structure is transforming from agriculture and light industry to basic industry, and from heavy processing industry to a high value-added one, said Lai Youwei, a researcher from the Development Research Center of the State Council.

“Consumption driven by real estate, autos, and home appliances is coming to an end due to shrinking traditional demands. Spending on personalized, high-quality, safe and healthy life will take the lead and maintain rapid growth by 2020,” Lai said.

Mushrooming information technologies, such as cloud computing, big data, internet of things and virtual reality, have changed production and lifestyles and bred new industries, modes, and business types.

These new elements will play an important role in boosting transformation of economic structure, and maintaining economic stability.

Meanwhile, traditional industries are stepping up transformation from quantity to higher quality, providing a constant push to economic growth.

Measures to streamline administration, optimize services, encourage innovation and cut excessive capacity have phased out invalid and inefficient supply to create more space for high-end supply.

Supply-side reform is an unceasing and high payoff process, which will pave the way for China’s stable growth in the long run.