Sow new seeds for consumption

As China races to accomplish the goals set in the 11th Five-Year Plan that began in 2006 and ends this year, many of the nation's policymakers and researchers are busy mapping out the guidelines for the next five years. At this critical moment, it is heartening to see that Chinese think tanks have reached a consensus that the nation is in dire need of a series of reforms to foster a consumption-led economic model. I believe they are aiming in the right direction.

A survey done recently by the China Institute for Reform and Development on more than 350 staff members of government think tanks, research institutions and large companies points out that China needs to reform its development model in the 12th Five-Year Plan (2011-15). And ideally, the next five years after 2010 will build a foundation for the country to launch its second round of reforms since the first round in 1978, to aid in the transition from a planned economy to a market economy.

Although in the past few years China's GDP (gross domestic product) has grown dramatically, with a GDP growth of 8.7 percent amid 2009's financial crisis and a likely 9-percent growth this year, many economists said they believe China's growth is not sustainable and its quality is substandard. Reforming the development model is what we need to ensure sustainability, and social equality.