Arab Today, arab today china needs change to sustain boom
Last Updated : GMT 10:55:47
Arab Today, arab today
Arab Today, arab today

China needs change to sustain boom

Arab Today, arab today

Arab Today, arab today China needs change to sustain boom

Chicago - XINHUA

Despite the achievements made in the past three decades, China should change its development mode in order to continue its prosperity, suggested U.S. experts on China. James McGregor, an American author, journalist, and businessman who has lived in China for more than 25 years, made the suggestion Friday in a discussion with Chicago business circle at the invitation of Chicago Council on Global Affairs. McGregor said that China is now the world's second largest economy and largest exporter. The processing industry of the "world's factory" has helped 50 million people to shed poverty. "Never before in human history has life changed for such a large number of people in such a short period of time," he said. "That's very impressive and China deserves a lot of credit for that." However, McGregor noted that if China wants to continue its march toward prosperity, its development mode must be "overhauled." He said the system that propelled its development is proven incompatible with global trade and business governance, and is running out of steam. "Big central state-owned enterprises (SOEs) stand in the way," he said, adding that if SOEs were deprived of privileges and government subsidies, they would lose money. Another challenge China faces is the huge demographic problem. "China is getting old before it gets rich," he said. There were 115 million people aged 65 and above in China in 2010, and by 2030, that number will increase to 230 million, he said. In the meantime, people aged from 20 to 24, the major workforce, will shrink by half in this decade, from 125 million to 65 million. "The next wave of growth in China depends on the most down and trodden," he said, referring to migrant workers in cities. He said there are about 260 million migrant workers in cities now, who are the next wave of consumers. "China is dealing with considerable domestic challenges and the economy has continued to move forward in almost every conceivable way," said Jennifer Scanlon, president of USG Corporation Global Affairs. Signs of deepening reform since November last year indicates that China's policy makers "are ready to let the market play a more decisive role" in the country's economy. "Any level of reform in China will be closely analyzed," Scanlon said. "The decision that China is making now will be a major factor on the world economy for years to come."

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today china needs change to sustain boom Arab Today, arab today china needs change to sustain boom

 



Arab Today, arab today
Arab Today, arab today Heart of Turkish Riviera is Alluring Seaside Escape

GMT 11:11 2017 Tuesday ,28 March

Heart of Turkish Riviera is Alluring Seaside Escape
Arab Today, arab today 5 Crafty Must-Have Limited-Budget Ideas

GMT 17:03 2017 Saturday ,25 March

5 Crafty Must-Have Limited-Budget Ideas
Arab Today, arab today Turkey says ends its military operation

GMT 07:53 2017 Thursday ,30 March

Turkey says ends its military operation
Arab Today, arab today Media host gives priority to problems of people

GMT 07:00 2017 Tuesday ,28 March

Media host gives priority to problems of people
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Disaster costs nearly double to $175bn

GMT 10:42 2017 Tuesday ,28 March

Disaster costs nearly double to $175bn
Arab Today, arab today Campaign fights sexual harassment in Egypt

GMT 11:14 2017 Tuesday ,28 March

Campaign fights sexual harassment in Egypt
Arab Today, arab today 'Underwater wasteland' worries

GMT 10:32 2017 Thursday ,30 March

'Underwater wasteland' worries
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Mercedes, VW recall million vehicles in China

GMT 09:16 2017 Wednesday ,29 March

Mercedes, VW recall million vehicles in China
Arab Today, arab today Uber grounds self-driving cars

GMT 09:11 2017 Monday ,27 March

Uber grounds self-driving cars
Arab Today, arab today Trump moves to roll back Obama climate measures

GMT 08:39 2017 Wednesday ,29 March

Trump moves to roll back Obama climate measures

GMT 18:57 2017 Tuesday ,21 March

Accessories designer reveals her new collection

GMT 09:28 2017 Tuesday ,28 March

Trump poised to roll back climate protections

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures

GMT 07:50 2017 Thursday ,30 March

Breaking trans barriers one barbell

GMT 09:02 2017 Thursday ,23 March

Laptop ban sparks ire

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 19:27 2017 Saturday ,11 March

Boualsof launches "Priestess Kahina" collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday