China has taken the lead in investments in clean energy, spending nearly double what the US did in 2009, as it ramps up projects in both renewable and traditional energy, a report said Thursday.
In 1995, Morgan Stanley published "The Internet Report," a groundbreaking study that became known as a Bible for investors during the dot-com revolution in the United States. Fifteen years later, China Greentech Initiative has produced a similar report.
China's biggest economic challenge is the need to rebalance the economy in order to achieve sustainable long-term growth, says Haruhiko Kuroda, president of Asian Development Bank (ADB).
China's repeated efforts since the start of the year to raise people's incomes may not stimulate domestic consumption and therefore won't lead to higher inflation, a major economic concern for both regulators and investors, said analysts.
China's efforts of switching economic growth pattern would help to make an overall more stable world economy, said John Hawksworth, head of macroeconomics of PriceWaterhouseCoopers (PwC), one of the world's four largest accounting firms.
China's per capita GDP approaching $4,000 in 2009. The figure represents a critical point for the transformation of the country's economic and social development from a mode of survival to growth. Similarly, the country's economic model is also expected to value growth in quality more than in quantity.
To itself or to the world at large, China has made a decision to adjust its economic structure and transform its development mode in "a very timely manner," a UN expert has said.
As China celebrates the arrival of the new lunar year, the Year of the Tiger, the world hopes China's economy will roar again in 2010, after it helped pull the global economy out of recession in 2009, the Year of the Ox.
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