Time for economic restructuring

A thorough restructuring of the world economy is unavoidable in the post-crisis era as it is expected to encounter rising insufficiency in external demand.

China has become the world's third largest economy by tying its high-paced growth to exports and investment for three decades. But now it is undergoing a crucial transformation - from a manufacturing powerhouse to a consumer society. Also, having experienced material abundance during the 30 years of reform and opening up, more and more Chinese have begun shifting from private products and a material-dominated lifestyle to pursing public products and all-round personal development.

Such profound changes make it necessary for China to push forward a series of sweeping political, economic and social reforms to better adapt to the changed conditions at home and abroad. And for that, it has to change its economic growth model in order to take the road to the much-needed sustainable development.