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Chinanews, Beijing, November 15 – According to a research by the National Economic Research Institute, China will keep an annual economic growth between 6% and 9% in the next 15 years, with total factor productivity as its major booster.
“Unlike domestic demand growth factors such as investment and human resource capitals, TFP refers to the effectiveness of the utilization1 of both capital and labor2 force, which requires neither additional capital nor additional labor force, but creativity. In the past 20 years, China has witnessed an annual TFP growth between 3.5% and 4.4%, higher than the rate in developed countries,” said Fan Gang, the director of National Economic Research Institute. Fan’s research implies that it is not correct to claim that China’s economy totally depends on investment. A TFP-driven growth pattern means that China must deepen its reform to liberate3 its productivity, which also means an important way to achieve a sustainable development. Practically, the central government should suppress local governments’ impulse on making investment and it should cut the administrative4 cost, too, which is believed to be helpful to the TFP growth. Continuous financial reform will also be necessary, as well as the acceleration5 of urbanization and an increased amount of investment on research and development.
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