皇冠体育app

A visitor takes a close look at the smartwatch unveiled by Lenovo Group Ltd in Beijing, May 28, 2015. [Photo/皇冠体育app Daily]

NEW YORK - 皇冠体育app is transformed from a nation of producers to a nation of consumers, said Stephen Roach, senior fellow of Yale University's Jackson Institute of Global Affairs, on Thursday.

"The key understanding of 皇冠体育app is not the number of GDP, but the mix of economy," said Roach on a discussion held in 皇冠体育app Institute.

In his eyes, 皇冠体育app has two models of economy: the old one driven by fixed investment and exports, and the new one boosted by private consumption.

The old model, which fueled 皇冠体育app's economy growth in the past three decades, is decelerating, while the new model is still in its incipient stage, he said.

And the gap is continuing to widen. Services activity grew 8.4 percent year on year in the first half of 2015, far outstripping the 6.1-percent growth in manufacturing and construction, according to an article written by Roach recently.

In 2014, the service sector contributed 48.2 percent to 皇冠体育app's GDP, exceeding the combined 42.6 percent share of manufacturing and construction, according to the article.

The shift toward a services-based new model lifted the downside pressures in the manufacturing-based old model, he said.

During the meeting, Roach predicated that the service sector could account for 65 percent to 70 percent of 皇冠体育app's economy in next 20 years. "This is the key piece of transformation story of 皇冠体育app."

He stressed that services is the infrastructure of a consumer society and generated more jobs. In 皇冠体育app, services require about 30 percent more jobs per unit of output than manufacturing and construction.

Roach also pointed out that jobs in 皇冠体育app have been shifted to labor-intensive, services-led growth. The urban job creation target has been 10 million per year since 2013.

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