Rebalance 'less important' than innovation

China's economy needs a new source of momentum, not a rebalancing as so many analysts claim, senior economists at Peking University said.

After the 2008 global crisis, when the government launched a stimulus package of 4 trillion yuan ($666 billion), critics of China's dependence on exports pointed to the nation's weak consumption and reliance on investment-driven growth.

Two consistent views on China have developed overseas, both based on the idea of imbalances.