Growth model transformation the major task for China: WB chief
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Robert Zoellick, President of the World Bank (WB), said Wednesday the major task for China in the future is adjusting its economic structure and accelerating the transformation of its growth pattern.
Zoellick made the comments at a press conference during his visit to Beijing to mark the 30th anniversary of China-World Bank ties.
The coming 12th Five-year Plan (2011-2015) will present an opportunity for China to shape its post-crisis economy and return to its economic rebalancing agenda, he said.
Like other economies, China is facing new challenges, like credit expansion in both the short- and long-term, he said.
The WB will work with China and help it achieve a better balance between domestic demand, export-driven growth, consumption and investment, he said.
On the exchange rate of the renminbi, China's currency yuan, Zoellick said the yuan's appreciation will force China's industrial sector to restructure more pro-actively.
However, the fundamental issue for the global economic imbalance is still structural, he added, saying the United States should save more while China increase domestic consumption.
Zoellick praised China's response to the global financial crisis, saying China's rapid recovery "benefited not only developing economies but developed ones as well."
He also warned about uncertainty in the world's economic recovery, emphasizing the contribution of developing countries for the process.
