World Economy

China Needs Innovation

China Needs InnovationChina Needs Innovation

Short term policies could stabilize China’s slowing economy in the second half of this year, but for growth to make a lasting recovery Beijing should foster new sectors and innovation, a government think tank’s chief economist was reported as saying on Saturday, Reuters reported. China’s growth trajectory will be “L” shaped, rather than “V” shaped, and it is difficult to predict when the world’s second-largest economy will rebound, Fan Jianping, chief economist at the State Information Center, told the official China Securities Journal. Broad M2 money supply only rose 10.1% by the end of April from a year ago, missing market expectations of 12%.