Chinese expert calls for income distribution reform

2012-12-23 15:30:18 GMT2012-12-23 23:30:18(Beijing Time)  Xinhua English

BEIJING, Dec. 23 (Xinhua) -- China should prioritize the reforms of income distribution and pricing of resources and production factors during its economic restructuring, an expert said Sunday.

Xia Bin, senior advisor to the China Western Development Promotion Association (CWDPA), said at a CWDPA meeting that China must accelerate its economic reforms to solve problems in many aspects, including tepid domestic consumption, dropping export, overcapacity in manufacturing, as well as slower growth of income than growth of its productivity.

China should take income distribution and pricing of resources and factors as the starting points of economic restructuring, and promote reforms in the country's social security net, land system and financial system, Xia said.

China aims to double its 2010 gross domestic output and per capita income for both urban and rural residents by 2020, according to a report released last month at the 18th National Congress of the Communist Party of China (CPC).

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