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ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperOpinion / Op-Ed ContributorsEditorialsOp-EdColumnistsContributorsCartoonsSpecialsFrom the PressForum TrendsFrom the ReadersDebateEditors Pick:Syrian refugeescyberspaceV-Day paradeshrimp scandalTPPEconomic restructuring essentialBy Li Wei(China Daily) Updated:2014-01-23 07:46Comments Print Mail Large Medium SmallDomestic demand and innovation must be effectively cultivated so they become the drivers of future growthStructural adjustment is an important trend in todays global economy, and since competition in the technological revolution has become increasingly fierce, economic transition and industrial upgrading are essential requirements for China not only to compete in the global economic stage, but to build a moderately prosperous society and step over the middle-income trap.Since the international financial crisis in 2008, many advanced economies have already begun structural adjustments to rebuild their real economy and fight recession. For example, the United States introduced the Manufacturing Enhancement Act, and the United Kingdom has increased its investment in innovation and created nine manufacturing innovation centers. Emerging countries, such as Brazil and India, have also introduced their own manufacturing recovery plans. Therefore, it is important for China to cultivate technical innovation if it is to meet the future challenges.Chinas demographic advantage is now at a turning point, and the country can no longer depend on low-cost labor and investment to realize sustainable growth. Data show the working-age population has been declining ever since 2012, and the tendency will continue until 2020, resulting in a constant increase in labor costs and increasing the pressure of an aging society.Meanwhile, pollution has reached a level that is beyond the publics tolerance, and the country faces an ever-growing price in attaining sustainable economic growth nowadays.While the above factors are pushing the economic transition in China, the transformation and upgrading are expected to solve some tough domestic issues, such as conserving resources, boosting consumption, and lightening the governments hand on the market.For a long time, China has maintained its extensive growth by relying on low-cost resources and human capital to realize economic growth. In 2012, Chinas energy consumption was 14.5 percent more than that of the US and accounted for 20.3 percent of the global total energy consumption.Domestic consumption needs to be cultivated so it can be a driver for economic growth in the future. The growth rate of foreign trade in China has fallen dramatically in the past few years, the rate was an accumulative 8.3 percent from January to November last year, and just 7.2 percent in 2012, compared to an annual growth rate of 20 percent on average in the preceding decade. So future economic growth needs to depend more on domestic consumption rather than foreign trade. However, in 2012, domestic consumption accounted for only 49.5 percent of GDP compared to advanced countries where it accounts for 70 to 80 percent.Previous Page1 2 Next PagePrevious Page1 2 Next Page8.03KRelated StoriesTaking innovation to the next levelLi: Chinas tech innovation a priorityChinese vice premier stresses innovation for trade growthTencent becoming global Internet player through innovationMost Viewed Todays Top NewsRising to the security challengesRussia faces tough road to successJoint efforts to meet challengesIs Vietnam safe?Abes dangerous moveForum TrendsForum trends: Cultural taboos in ChinaForum trends: Some “bad” habits Ive picked up in ChinaForum trends: Chinas number superstitionsHow to make friends with foreignersForum trends: You know you are in China when…(Part II)Chinas leftover women-intelligent and charmingForum trends: Why did you choose to live in China?ColumnistsHow good a govt India has gotNew type of urbanization is in the detailsFeatured ContributorsAsias increasing dependence on ChinaEat less, treat moreStar BloggersGetting old in ChinaWhen you look into the mirror today, imagine what you would say ten years from now about todays you. Its technically a downward comparison with the future youJob-seeking tips for the gradutesSometimes a small point could be more valuable, let’s check my job hunting experience and suggestions could be useful for you.Future of Western style educationA western style education system and the media surrounding it teaches people – not just what to think, but what NOT to think – not just what to question, but what NOT to question.SpecialChina Q1 GDP numbers in focusOur prayers are with youTop 10 policy changes since last two sessions…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. 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