Li Yang: Solving the imbalance of domestic economic structure under the framework of urban-rural integration

November 6 Morning News Li Yang, deputy dean of the Chinese Academy of Social Sciences, said at the new finance summit today that changing the country's unbalanced economic structure needs to be pushed forward under the framework of integrated urban and rural integration, and balance international payments, and actively participate in the formulation of new rules for the international economic order.　　Li Yang said the old pattern of the global economy was a pattern of imbalances, both developed and emerging economies, mirroring each other.　　The main performance is four, one, developed international economic development is caused by excessive demand, showing excessive debt, and emerging economies are long-term high savings rate, over-reliance on investment and exports. Second, the development of the services industry in developed economies, especially the financial sector, the domestic market does not provide more supply has met the domestic labor demand.　　Developing economies rely on low-end services and manufacturing. Third, the financial structure of developed economies is unbalanced, showing excessive leverage and excessive support for consumption.　　Developing economies, in turn, are more supportive of production and investment, relying too much on indirect financing. Four, the domestic fiscal aggregates and structural imbalances in developed economies are manifested in sovereign debt crises and excessive fiscal debt, which are rooted in excess consumption.　　However, the financial structure of developing economies is excessively supportive of production, among which the proportion of social consumption is too small.　　Such structural imbalances, Li Yang said, could not compensate for economic imbalances simply by relying on monetary factors, which are unsustainable and unequal and require structural changes in the economy.　　As for the adjustment of the domestic economic structure, Li Yang that the structure of consumption, export and investment should be balanced, the change should be the mode of development oriented by innovation, the distribution pattern of national income should be adjusted, and the urbanization process should be promoted under the framework of urban-rural integration. Foreign countries should balance international payments and participate in the formulation of new rules of the international economic order. (Ding from Beijing)