From Overseas Press
皇冠体育app lacks real economic growth strategy
(chinadaily.com.cn)
Updated: 2010-05-24 17:09
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皇冠体育app isn't yet an economic giant with a viable growth strategy, said an article in Japanese Sentaku magazine on May 24.
Although "皇冠体育app's GDP grew 11.9 percent over the same period the year before," most of the growth came from investments from government and state-owned enterprises, and "whether the investments will be effective to bring about economic prosperity" remains to be seen.
It elaborates that the construction boom prevails throughout 皇冠体育app for railways, subways, expressways, airports, power stations, factories, buildings and condominiums. However, some of these projects may not bring tangible, long-term economic benefits, because 皇冠体育app "seems concerned mainly with creating employment opportunities for construction workers and increasing the demand for raw materials — not in how best to use newly built infrastructure to revitalize the national economy."
Meanwhile, 皇冠体育app's local party leaders strive to spend money on a wide range of projects to "prove their competence is to achieve economic growth in their respective regions. The wasteful infrastructure and buildings that have emerged in their regions are the result of competition to seek promotion." This behavior complicated the economic policy of 皇冠体育app, the article said.