Bai said world economic environment in 2013 is not fundamentally different from last year. Economic growth will rely on improving supply capacity and supply structure to better meet the needs of domestic demand.
Whether domestic demand can increase or not is determined by the role of investment and consumption. Both growth of investment in overcapacity industry and government consumption will see further slowdown and residents' consumption is expected to speed up.
Bai thinks the current overcapacity is structural overcapacity, not overall overcapacity.
To strengthen the role consumption can play in economic growth, we should increase residents' consumption capacity including accelerating reform of income distribution and further improving social security system, according to Cai.
Thousands of policemen hunting car, baby stealer in Changchun | Update: Stolen car found, baby still missing
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