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Member Zhiqiang Lu Talked about the 2010 Economic Situation

Economic observation nets ‘two sessions’ reports:

The member of Standing Committee of CPPCC, vice chairman of ACFIC, chairman of China Oceanwide Holdings Group Zhiqiang Lu pointed out that with regard to 2010 China economic situation, economic development faced double contradictions which enterprises should think well and deal with in the third meeting of the 11th CPPCC National Committee held on the morning of March 4, 2010.

Committee member Zhiqiang Lu indicated in the discussion that China economy developed rapidly in 2010, meanwhile brought a lot of new questions worth of thinking. The state has taken a lot of measures in stimulating domestic demand, including strongly support the car industry. The auto output in China last year exceeded 12 million vehicles. It was good for promoting the economic in the short term, in particular developing the car industry, but it set a hidden trouble in the long run, increased difficulty in transformation of economic development mode.

In addition, according to the administrative system and regulation system from our nation, many things still stayed in the traditional stage of planning economy, and no fundamental changes. The most prominent representation was that local governments were most willing to start new projects, rather than cut down surplus. This made excess capacity contradictions of many industries very obvious, and the difficulties of the adjustment of industrial structure was much bigger.

In 2010, China economy faced double contradictions. From domestic look, the houses overpriced and assets prices too high, and existing the tendency of inflation; Looking from the external conditions, the foreign questions weren't completely exposed and a new wave of economic crisis was likely to appear. The situation in 2010 was much more complex than last year. We should summarize more problems and think out more measures.

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