China, Socialism & Consumer Behavior: looks to its own consumers
China is rebalancing its economy to focus more on domestic consumption than exports in order to achieve its growth target, Chinese Premier Wen Jiabao has said. Addressing an Asian regional forum in southern China, he announced a $10 billion Yuan (over 1.5 billion US dollars) fund for infrastructure projects in south-east Asia.
The Boao Forum for Asia has been dubbed the Oriental Davos.
Politicians, business leaders and academics are discussing Asia’s response to the global downturn.
Mr Wen has tried to inspire confidence in neighbours hit badly by the global economic crisis, our correspondent reports.
More foreign dignitaries have attended this year than before, including Pakistani President Asif Ali Zardari, New Zealand Prime Minister John Key and Vietnamese Premier Nguyen Tan Dung, as well as ex-US President George W Bush.
Nearly two dozen Chinese government ministers are also in Boao to debate with other delegates on how to manage beyond the crisis and what role the emerging markets can play in reforming the international financial system.