By Lan Lan (
China Daily)
08:17, November 07, 2012
China will see a shift from an investment-driven economy to a consumption-driven one in the coming decade, a development bolstered by increased urbanization and restructuring, economists said.
About 400 million Chinese rural workers are expected to become city dwellers in the coming 10 years, and the change will create considerable consumption demand, said Chi Fulin, president of the Hainan-based China Institute for Reform and Development.
"Consumption demand unleashed by increased urbanization is expected to guarantee that China's economy keeps a growth rate ranging from 7 to 8 percent in the coming decade," Chi said.
The economist made the forecast ahead of the 18th National Congress of the Communist Party of China, scheduled to open on Thursday, which will see the election of the new top leadership for the world's second-largest economy.
Topping the agenda for the new leadership will be the country's economic transformation from one overdependent on investment to one more consumption-driven.
China's investment rate is about 50 percent, which is very high compared with other countries, although the growth in consumption has gained some momentum this year.
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