Analysts: Inclusive growth key to China's future development

14:53, October 13, 2010      
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For most people, the notion of "inclusive growth" may still be unfamiliar, but analysts point out that the idea is expected to be included in China's future development strategy. In the next five to 10 years or an even longer period, it will provide a new concept of development for the emerging world power.
Chinese President Hu Jintao's recent elaboration of the concept of inclusive growth shows China's decision-maker will attach greater importance to more fair, balanced and sustainable development.
While addressing the fifth Asia-Pacific Economic Cooperation (APEC) Human Resources Development Ministerial Conference, Hu emphasized that the fundamental goals of inclusive growth are to let all countries, regions and people benefit from the fruits of economic globalization and development and to achieve the coordination of economy and society in sustainable development.
"The most basic meaning of inclusive growth is to share economic growth reasonably, which is a new concept that China needs when coping with its new contradictions and challenges in the process of economic and social development as well as a direction description for China's future development," said Zuo Xiaolei, chief economist of China Galaxy Securities Company, "It is expected to be included in China's Twelfth Five-Year Plan (2011-2015)."
Over the past three decades, China saw rapid economic and social growth, and people's livelihoods have been greatly improved. The growth also caused negative effects, such as widening income gaps between costal and inland areas, urban and rural areas and among urban residents.
For example, statistics show the income ratio of urban and rural residents, stood at 2.56 in 1978 and increased to 3.33 in 2009.
China's various contradictions and problems are prominent at the current stage.
"Putting forward the concept of inclusive growth now has a very realistic meaning," according Wang Jun, a research fellow with the China Center for International Economic Exchanges.
Wang believes inclusive growth domestically should be people oriented. The purpose of development is not simply the pursuit of GDP growth but to achieve economic growth, advance social development and improve people's lives simultaneously. In addition, it should be the pursuit of coordinated development between economic growth and resources development.
Internationally, some Western countries attributed the imbalance of world economy to China's policies and accused it of manipulating exchange rates while they implemented trade protectionism, which actually violates the essence of inclusive growth, Wang said.
"Under the context of inclusive growth, a country's development should not restrict the development of other countries," Wang said. "Conflict should not exist between advanced countries and the developing countries. Countries should strengthen exchange, cooperation and policy coordination to promote fair trade and liberalization."
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