From Chinese Press

Economy's size doesn't matter

(China Daily)
Updated: 2010-08-11 07:53

China has overtaken Japan to become the world's second largest economy. But China's steady GDP growth, with a 10.3 percent growth in the first half of 2010, has more of a symbolic significance. China may now be the world's second largest economy, but it is not strong enough, says an article in China Youth. Excerpts:

China was one of the largest economies in the early 19th century, accounting for more than one-fifth of the world GDP. The country has become one of the largest economies in the world again. But it still faces many problems such as poverty and inequitable distribution of wealth.

China has to first change its economic growth model. The aim of its new model should be to achieve sustainable development, an absolute necessity in order to protect the environment and the rights and interests of its citizens.

Moreover, China's per capita GDP was just $3,800, or 1/30th that of Japan, last year.

The Chinese government has to lift about 150 million people out of poverty and improve the living standards of its citizens. For that, the government has to improve the education and medical care systems.

Plus, China has to create more global brands instead of enjoying the status of being the "factory of the world".

Compared to Japan, which is home to world-renowned brands like Toyota and Sony, to name just a few, most of the made-in China products are at the bottom of the industrial chain.

Chinese enterprises have to become more creative and competitive to transform the country into a real world power.

(China Daily 08/11/2010 page9)