China must seize the opportunity to accelerate optimizing and upgrading its economic structure, People’s Daily, the mouthpiece of the ruling party, said Sunday in a front-page commentary.
The working-age population in China has decreased year by year, while land and other resources are becoming scarcer. It is becoming more and more unrealistic to rely on human resources.
Economic growth must instead rely on scientific and technological progress, the improvement of the quality of labour and the innovation of management, the newspaper said.
China must optimize its industrial structure and promote mid- and high-end manufacturing. Currently, strategic emerging industries and high-tech industries are growing at an average annual rate of more than 10%, contributing more than one third to economic growth, the paper said.
Also, China’s economic growth was highly dependent on exports in the past. But now, only expanding domestic demand can help to maintain the steady and rapid growth of the economy, especially to stimulate consumer demand which has become one of the main drivers to prop up growth.