Issues for economic growth model

China should look at the emerging global economic rebalancing in the context of an unprecedented world economic recession and expedite adjustment of its economic structure and transformation of its long-controversial growth model.

The G20 Pittsburgh summit in late September was of symbolic significance given that it has opened the adjustment of the staggering global economic order and prompted major countries to profoundly reflect on the global recession and work together for a sustainable and balanced development of the world economy. The onus to promote a balanced world economy is not on any one nation. All should take common responsibilities in this process and carry out unblocked coordination of their stances instead of being manipulated by any single superpower.

As a responsible and fast-growing country, China has neither shirked its obligations in global economic development nor abandoned its right to safeguard its national interest. For the sake of the steady development of the global economy as well as for the benefit of its own economic security, the country should accelerate transformation of its long-established economic growth model as an imminent problem yet to be addressed.