Rebalance 'less important' than innovation
By Li Yang | China Daily | Updated: 2014-03-20 07:28
China's economy needs a new source of momentum, not a rebalancing as so many analysts claim, senior economists at Peking University said.
After the 2008 global crisis, when the government launched a stimulus package of 4 trillion yuan ($666 billion), critics of China's dependence on exports pointed to the nation's weak consumption and reliance on investment-driven growth.
Two consistent views on China have developed overseas, both based on the idea of imbalances.
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