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China seeks advice of foreign economists on economic blueprint

  • Author:Tony
  • Release on :2015-12-09

                                  China seeks advice of foreign economists on economic blueprint


Advice on China's new Five-Year Plan (2016-20) is being sought by the Cabinet for the first time from top international economists along with their Chinese counterparts.

The joint efforts are aimed at ensuring the new development blueprint meets the reality of local conditions, with the help of international experience, so that China can avoid falling into the "middle income trap", Premier Li Keqiang said.

"It is the first time the State Council has invited domestic as well as foreign experts to give advice on the making of a five-year plan," the premier said at a seminar during a visit to the National Development and Reform Commission on Monday. The commission is the country's top planning agency.

Li said total factor productivity should be included in the 13th Five-Year Plan.

Total factor productivity refers to a variable that accounts for effects in total output not caused by traditionally measured inputs of labor and capital.

Li said an increase in total factor productivity calls for growth led by human capital, not natural resources.

"How do we play up human capital in economic growth? The answer is institutional reform and technology innovation," he said.

Nobel Prize economics laureate Joseph Stiglitz said at the seminar that China can continue to increase growth with the right policies. But more important is whether living standards will rise along with growth.



Premier Li Keqiang meets with Nobel Prize economics laureate Joseph Stiglitz during his visit to the National Development and Reform Commission on Monday.


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