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Science, technology to drive domestic economic growth

Author  :       Source  :    Chinese Social Sciences Today     2015-11-16

“China’s economic growth relies on science and technology. Productivity, innovative capacity, brand values and allocative efficiency of factors of production are keys to a better economic future,” said Lü Zheng, a CASS Member of the Chinese Academy of Social Sciences, at the 2015 National Forum on Industrial Economy held in Shanghai on Nov. 1. In the short run, aggregate demand management is indispensible to domestic economic development, said Zhou Zhenhua, president of Shanghai Economist Association. However, long-term growth stems from interrelated and systematic industrial innovations, he said. Zhou expressed confidence in China’s innovative potential. Industrial upgrading is predicated on institutional reforms that would unleash productivity and capital efficiency while precipitating the transformation from a labor-intensive to a knowledge-based economy, said Liu Biao, an economics professor at Nanjing University.

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