-- Interviewed with Ellen H. Palanca, president of the Confucius Institute at Ateneo de Manila University
Ellen H. Palanca, president of the Confucius Institute at Ateneo de Manila University and an economist whose studies focus on China’s economy and Sino-Philippines economic and trade relations, was interviewed on the economic issues at the annual sessions of the NPC and CPPCC recently.
Palanca said China is consciously lowering the speed of economic growth. In her opinion, this policy is preparing for economic restructuring. China has high employment rate and unemployment will no longer to be a big problem. With a stronger economy, China can afford the consequences of slowing down economic growth. In addition, China needs to deepen and widen economic reforms , so as to expand domestic demand and narrow the gap between rich and poor.
She also believed that it is a good choice for the Chinese government to slow down growth and restructure the economy. When the wage costs rise, the minimum wage will be raised but the speed of growth will be reduced because of the drop in foreign investment. In Palanca’s opinion, China’s economic restructuring is a good opportunity for the Philippines and other Association of Southeast Asian Nations (ASEAN) countries.
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