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Engines needed for long-term economic growth

Updated: 2013-10-22 19:43

Official data shows the GDP growth rate is higher than last season but long-term engines are needed rather than short-term growth, said an editorial in the Economic Observer (excerpts below).

On Oct 18, the National Bureau of Statistics released its data on China's economy, which shows a 7.8 percent GDP growth rate.

However, concerns were expressed. Is the trend sustainable? Both analysts and the spokesperson of the NBS emphasized that Premier Li Keqiang's vow of keeping economic growth rate over 7.5 percent has helped raise the rate by giving investors more confidence.

China's economic growth still relies, to a large part, upon the visible hand.

China is still seeking propelling forces that can support its growth in the long run. Therefore, the key to China's long-term stable economic growth lies in whether the government can optimize the economic structure and accelerate industrial upgrading, as well as free the economy from the current systemic limits that curb its growth.

Besides, China needs better-quality growth, which comes together with efficient use of resources, instead of distorting potentials.

China's economy is entering a transition period, and a successful transition requires further reform to raise productivity. China could propel the reform and continue releasing the potential of the economy – the only way of realizing long-term stable growth.