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China's economy steadily regaining growth

Xinhua | Updated: 2013-03-27 10:34

BEIJING -- China's economic growth will steadily regain speed in 2013 despite global economic uncertainties, according to a blue paper released on Tuesday.

Thanks to a proactive fiscal policy and a prudent monetary policy introduced in 2012 and a more coordinated economic growth model propelled by consumption, investment and export, the momentum of China's economic growth will continue, says the paper, which was published by the Social Sciences Academic Press.

China's economic growth eased last year to 7.8 percent, its lowest level since 1999, amid shrinking external demand and domestic efforts to rebalance the economy.

Earlier this month, the Chinese government set a target of 7.5-percent economic growth this year.

Despite the positive outlook of China's economy, the blue paper warns that the country needs to advance its opening up and reform and restructure its economic growth model to ensure growth sustainability.

The blue paper, which focuses on the development of BRICS, the emerging-economy group consisting of Brazil, Russia, India, China and South Africa, says China remains the last country in the group where the service industry accounts for less than half of its economy.

China's service sector has been slow to open up when compared with the manufacturing sector.

State-owned enterprises has grabbed the bulk of the market and the share of non-state-owned operators in the market is small, leading to insufficient competition, says the paper.

To facilitate industrial restructuring and ensure effective distribution of social resources, the blue paper suggests the government allow non-state-owned economies to compete in the service sector and speed up its institutional reform.

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