Toward a sustainable, healthy development

A wide range of macroeconomic data and a rebound in the purchasing managers index in the last consecutive five months indicate the Chinese economy has bottomed out and is on its way to recovery.

But considering the drastic repercussions the economy faced because of the global economic crisis, the government needs to effect some changes in its macroeconomic policies. The government has to pay attention not only to short-term economic growth, but also attach greater importance to long-term optimization of the economic structure. For this, macroeconomic measures and interventions should be aimed at resolving intractable issues that have plagued the economy for long. Workable measures have to be adopted to expedite the country's social construction in an all-round way in order to clear the path for sustained and healthy economic development.

A number of emerging Asian economies had to face the so-called "middle-income trap" during their economic development because of their sluggish social construction process. Some countries such as Brazil, Argentina, Mexico, Chile and Malaysia have suffered even a long economic slowdown or stagnation because of their failure to resolve economic contradictions, or owing to their ill-conceived development strategies or outside impacts.