China's Wen says steps needed to balance growth
Source: Reuters
BEIJING, March 16 (Reuters) - China must do more to address striking economic imbalances including excessive growth in credit and investment and disparities between the fortunes of its different regions, Premier Wen Jiabao said on Friday. The country had enjoyed years of stable and relatively rapid growth, but problems still plagued the structure of the economy, Wen told a news conference at the end of the annual session of parliament. Major issues included mismatches between investment and consumption and an over reliance on investment and exports as a driver of growth, he said. China was also suffering from an overly large trade surplus, he said, without elaborating. "This is not sustainable," Wen said. "Whether we can do a good job depends on whether we can conserve energy, reduce the discharge of emissions and pollutants and properly protect the environment," he said. Wen said China would boost consumption and address a range of environmental issues. In response to a question over whether China would be able to sustain its levels of economic growth, Wen said China had huge potential in terms of market demand and could succeed with the right policy mix. Beijing would continue to open its markets further to the outside work and bolster innovation. "It will be very arduous to achieve such a task but we are confident," he said.
| AlertNet news is provided by |  |
