Next five years should focus on new economic pattern based on balanced development of consumption, investment and exports

The average 7 percent growth target set by the Chinese government in the recently published 12th Five-Year Plan (2011-2015) demonstrates its determination to achieve normal and sustainable economic development after the previous pursuit of fast-track growth.

China has experienced a 10.48 percent growth rate year-on-year over the past decade, with its economic share in the world's total increasing to 8.5 percent in 2009 from 1.8 percent in 1978. The country replaced Japan to become the world's second largest economy in 2010, with its economic aggregate nearing 40 trillion yuan ($6.1 trillion).

China's vigorous economic development has provided strong support for global economic growth, especially after the outbreak of the global financial crisis. Even as the world suffered a 0.6 percent decline in total demand, China realized a 13 percent increase in its domestic demand in 2009, contributing 1.6 percentage points to global economic growth. According to the World Bank, the country's contribution to world economic growth in 2010 is likely to reach 25 percent, which will make it the world's No 1 economic locomotive for two consecutive years.

However, the country's ever-expanding economic might has failed to eradicate an increasing number of structural economic problems, highlighting the urgent need for the country to shift from pursuing quantity-obsessed growth to prioritizing quality and efficiency.

Despite its noticeable economic growth in scale during the 11th Five-Year Plan period (2006-2010), China failed to achieve its much-anticipated progress in economic restructuring, with imbalances still remaining between its external and internal demand and between investment and consumption. The country has not fundamentally changed its reliance on investment, and overcapacity in some fields still remains outstanding, while the service sector lags far behind the industrial value. The GDP-obsessed development model has also resulted in environmental degradation and resources depletion.

All this demonstrates that the country's extensive economic growth model has come to an end and calls for accelerated efforts for economic restructuring to promote its economic transformation and industrial upgrading.