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China Briefings

Reports on China issued by Samsung Economic Research Institute

China Business Intelligence No. 172

China Business Intelligence No. 172

Samsung Economic Research Institute Beijing Office

Sept. 2, 2010

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Highlights:

Changes in the domestic and global economic environments have demanded adjustments to China's existing economic growth model. China's export-oriented growth model, which has so far propped up China's red-hot economy, has its limits. Although the Chinese economy is growing at a fast pace, income levels are still low and income inequality has deepened. Against this backdrop, the Ministry of Human Resources and Social Security in June came up with the "Plan for Increasing National Income."  The key part of the plan is that China is capable of implementing the plan and, if wages rise 15% annually, current wage levels would jump two-fold within five years. To successfully push ahead with the Plan for Increasing National Income, China must address issues related to private and monopolistic companies and rising prices.

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