BEIJING (AP) — China's government (click here) pledged Wednesday to promote sustainable growth by opening state-dominated industries to private investment and making banks more market-oriented while keeping this year's economic expansion at a relatively robust 7.5%.
In his first annual policy speech as China's top economic official, Premier Li Keqiang said Beijing will promote consumer spending, ease exchange rate controls and improve access to credit for productive businesses....
The quality of Chinese merchandise will improve if it has competition in the market place. That means global imports will provide better benchmarks for Chinese industry.
The Chinese people need to be able to purchase merchandise as well, which demands better wages. The Chinese manufacturers will worry more about quality when their products are not preferred by the people. Chinese parents already spend incredible amounts of money on baby formula. That is a shame. The providers within China should be ashamed of themselves. The money that goes to imported baby formula could be growing a broader economy if the Chinese produced safe and quality products.
