Indeed, Mr Wen said the countrys development is neither balanced, co-ordinated norsustainable. It relies too heavily on investment and on swallowing natural resources and toolittle on consumer spending. The income generated is unevenly divided: between profits andwages, rich households and poor, coastal provinces and inland regions, the cities and thecountryside.
The prime minister also admitted that China had failed to meet at least three targets he set inthe previous five-year plan. Two related to Chinas service industries, which last yearaccounted for 43% of its GDP and 35% of its employment. Countries at Chinas stage ofdevelopment typically have service sectors approaching three-fifths of GDP.
Most of Chinas more lucrative services markets, such as for telecoms, are dominated bystateowned enterprises . The investment hunger of the SOEs, which borrow cheaplyfrom state banks as well as recycle outsized profits, is a chief cause of Chinas unbalanceddevelopment. Mr Wen promised to implement no fewer than 36 guidelines for opening theglass doors preventing private investment in many fields not explicitly reserved for thestate. Such fields include transport, power and municipal utilities.
Regrettably, in the year ahead these liberalisations may be offset by efforts to stop theeconomy from overheating. The government is trying to contain inflation by squeezing credit.And although it urges banks to keep lending to smaller companies, lenders are sure to turnprivate borrowers away before disappointing state-owned ones. If necessary, Mr Wen says,the government will also control prices by administrative means.
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