U.S. expert: economic transition puts China on more sustainable path

Nicholas Lardy, senior fellow of the Washington, D.C.-based Peterson Institute for International Economics, told Xinhua on Thursday that China’s economic transition is “a virtuous cycle” that has put the country on a more sustainable path.

Lardy said that in this transition, consumption instead of investment has become a much more important driver of China’s economic growth. And the service sector has become a big economic driver with the shift to service, which is more labor-intensive than the industrial sector and can lead to a fairly strong growth of employment and wage.

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