China is promising an economic overhaul that would raise the status of consumers and entrepreneurs. But it has given no sign how it will tackle its politically volatile reforms.
Premier Wen Jiabao says Beijing wants to nurture self-sustaining growth driven by consumption and service industries. He made the comments in a weekend speech outlining this year's goals.
Achieving those goals will require cutting subsidies for state companies and other changes that might trigger a backlash within the Communist Party.
The changes could drive China's evolution from low-cost factory into a major consumer market. That might help to narrow a yawning wealth gap and ease tensions over China's trade surplus by boosting consumer demand for imports.
Read More
http://www.businessweek.com/ap/financialnews/D9LPK5KO0.htm
Premier Wen Jiabao says Beijing wants to nurture self-sustaining growth driven by consumption and service industries. He made the comments in a weekend speech outlining this year's goals.
Achieving those goals will require cutting subsidies for state companies and other changes that might trigger a backlash within the Communist Party.
The changes could drive China's evolution from low-cost factory into a major consumer market. That might help to narrow a yawning wealth gap and ease tensions over China's trade surplus by boosting consumer demand for imports.
Read More
http://www.businessweek.com/ap/financialnews/D9LPK5KO0.htm
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