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Beijing Dongke:More Challenges Are Coming
Sep 28, 2018

BEIJING - An economist called for more efforts to stimulate the private sector as the Chinese economy has entered a new period that requires a higher level of innovation and entrepreneurship.

Given a new era of reform and opening up, China needs to ponder how to further propel the private sector in a bid to make the broader economy more vibrant, said Fan Gang, president of the China Development Institute, a Shenzhen-based think tank.

Fan, a former member of the central bank's monetary policy committee, made the remarks during a two-day session of the China Development Forum starting Sunday.

China will increasingly rely on endogenous innovation to spur economic development in the future, a process that needs risk takers from private businesses, while state firms, always slower and more cautious in decision-making, are relatively less vigorous and not that willing to take risks, Fan said.(China Daily)