Ranking Chinese economists call for deeper reform
( 2003-10-31 16:57) (Xinhua)
China's political, governmental and institutional reform should be further
deepened as the nation is moving ever forward with market-oriented system, a
call voiced by ranking economists and officials in Beijing.
"Our current political system, mainly resulting from the planned economic
system, needs to be further reformed as the country is becoming economically
energetic," Gao Shangquan, president of the China Society of Economic Reform,
was quoted by Friday's China Daily as saying.
China's economy has achieved an average growth rate of 9 percent over past 25
years, but all the pouring-in money is not being used efficiently. "The
investment (in China) is huge but inefficient," said Wu Jinglian, China's
renowned economist with the Development and Research Center under the State
Council.
"The ratio between investment and output is at a very low level, which I'm
quite concerned about," said Gao.
Nevertheless, they hailed China's rapid economic development as a glorious
achievement, given the success the country has achieved over the past quarter of
a century, according to the newspaper.
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