China should urgently transform its economy

China urgently requires transforming its national economy by simply implementing supply-side as well as structural reforms, as the vice head of China's cabinet think-tank reported on Monday.

The deputy director of the Development Research Centre of the State Council, Wang Yiming wrote in the ruling Communist Party's official newspaper, People's Daily that if old ways continued, not only investment rates would keep dropping with debt rising, but also financial risks would edge up. The country definitely requires reducing the overall supply of ineffective as well as low-end products and also boost supply of efficient, middle as well as high-end products.

Aside from that, the number two world’s economy also needs to focus on structural reforms, such as   reducing government bureaucracy and also reforming state-owned enterprises. It also applies to  as the fiscal, tax as well as financial systems. 

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