CCTV9英语新闻：CPPCC members discuss economic restructuring

Chinese Premier Li Keqiang's work report stressing further restructuring of the economy. As political advisors gathered to discuss the report, our reporter Wu Guoxiu heard from some of them about what reform could bring to global economy.

 

China's economic elites began to discuss the government work report soon after it was delivered by Premier Li Keqiang on Saturday.

 

The report said the government would continue with supply-side structural reform and fostering new growth engines through innovation and entrepreneurship.

 

As one political advisor explains, that includes both exporting overcapacity and importing more high-end technology, benefiting the global economy in two ways.

 

"Supply-side reform will benefit the world economy on dual tracks, through both exports and imports. China needs high-tech, high quality products from the global market as it restructures its economy. And our technology and capacity will also have their market in other developing countries," Huarun Chairman & CPPCC member Fu Yuning said.

 

China is switching from an export-driven economy to one driven by consumption. 

Lenovo's CEO believes that with China having accounted for 30 percent of world economic growth, the world is not focused on what specific measures it will take, but rather, on whether it can maintain sustainable and healthy growth.

 

"Domestic demand accounts for more than 70 percent of the economy in the United States,  but only 50 percent in China. China's annual per capita consumption is 4 thousand US dollars, while in the US its 20 to 30 thousand dollars. We must fully start this growth engine from both supply and demand aspects. Getting people to have money to spend and dare to spend. We also should provide them domestic products that are high-end, high-tech and better quality,"

Yang Yuanqing said.