Stephen Roach: Personal income increases boosting consumption and boosting economic growth

BEIJING, March 21 (Siliming) today, the China Development Forum will continue in Beijing in 2011, with the theme "Twelve-Five ' planning and macro-economic policy" as the subject of discussion, Professor Steven Fin Roch, Yale University, said in a statement　　Chinese consumers may need to play a more important role in boosting China's growth momentum. Steven Fin Roch believes that in future demand, Chinese consumers may need to play a more important role in boosting China's growth momentum. Three basic elements: first, employment. Employment is provided by the service industry. Second, wages. Wages are mainly achieved through support for agricultural income and rural income. Third, the propensity to consume.　　This is the most subtle, that is to say more to domestic demand to prop up growth. Steven Fin Roch points out that the proportion of China's personal income in GDP is actually very low in the major economies and that other countries are relatively high, both in development and in developed countries. For example, the United States is now 86% percentage.　　China still has a long way to go to increase the share of personal income in GDP, and then turn this personal income into a real increase in purchasing power in the future. Steven Fin Roch also said that China is still a relatively small country in the service sector, accounting for only 40% of GDP, the global average is now more than half. In fact, China's "Twelve-Five" plan has a 4到5% goal, even if the level is relatively low level. It depends on how to nurture the service industry into bigger problems, "Twelve-Five" plans to see more of the so-called wholesale and retail trade, logistics industry development, and of course, domestic transport, hospitals, health care and other services industries have great potential, and other knowledge-intensive industries, it needs to make a lot of investment, And then you need to do a lot of trading.