In a feat unmatched by other world powers, China’s economy survived its second soft landing in less than four years. However, as external factors continue to shock China, its economy has faced increasing vulnerability. Now, economic rebalancing and reform could hold the key to continued growth.
The G20 Leaders’ Summit in Los Cabos, Mexico is meeting at a time of extreme complexity in the world economy. This premium forum for international economic affairs is encountering re-emerging signs of financial crisis and economic recession in euro zone economies. But adding to the complexity is that the US government and Congress still cannot forge a clear long-term fiscal consolidation plan.
The next few months will reveal whether the central government can really turn the growth taps on and off at will. Quality now matters far more than quantity alone. Following through on much needed and talked about reforms to spur domestic consumption will create a more stable environment.
Following the passing of Steve Jobs, the Chinese media has frequently raised one question: When will China have its own Steve Jobs? In China, there are four traditional barriers to the growth of private businesses that in turn prevents the growth of innovative talents.
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