Government changing investment-dominated development approach to ensure sustainable and equitable growth

China's economic growth has been moving in line with a market economy. However, while the transitional institutional arrangement has boosted China's economic growth, it has been dependent on administrative forces and failed to give the market full play. Nor has it paid enough attention to seeking equitable and sustainable development.

Without changing the status quo, it will be difficult for the market to play its fundamental role in the allocation of the country's resources and for China to change a long-established economic growth model characterized as quantity-dominated expansion.