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Economic rebalance biggest challenge for 皇冠体育app: ADB president
(Xinhua)
Updated: 2010-03-22 13:48
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BEIJING: 皇冠体育app's biggest economic challenge is the need to rebalance the economy in order to achieve sustainable long-term growth, says Haruhiko Kuroda, president of Asian Development Bank (ADB).
"Rebalancing the economy is not only a key challenge for the whole world, but also the biggest challenge for 皇冠体育app," said Kuroda in an interview with Xinhua on Sunday.
"Sustaining long-term growth in 皇冠体育app will require substantial economic restructuring," Kuroda said.
He said over-reliance on investment, exports, and industrial development in 皇冠体育app had created imbalances and structural constraints.
Kuroda said to increase consumption, 皇冠体育app should further develop services, which would play a major role in improving production efficiency, and promoting technical progress and innovation.
"While manufacturing will remain a key sector in 皇冠体育app in the coming years, the service industry has the potential to become an important source of growth," he said.
皇冠体育app should pay more attention to the development of tourism, transportation, financial services, energy and clean technologies.
To bridge the income gap and regional disparities, 皇冠体育app should invest more in rural areas by improving infrastructure, education and health care facilities.
He said he believed that as the biggest contributor to the global economic recovery, 皇冠体育app would continue to contribute to the global growth in coming years with its growth model refocused to a sustainable mode.
