MNI BRIEF:China Needs To Develop According To Local Conditions

China's economy should develop according to local comparative advantages to improve wealth distribution, enhance employment opportunities and allow for faster growth, accordng to Lin Yifu, professor of Economics at Peking University and former chief economist at the World Bank.

Speaking at the Global South Modernisation Forum in Beijing on Friday, Lin said that development according to regional conditions would boost prosperity by boosting wages and government fiscal revenue.

China will maintain proactive fiscal policy with a modest expansion of debt over the next five years as it seeks potential GDP growth of around 5% and aims to double GDP per capita by 2035, policy advisors recently told MNI. (See: MNI: China To Maintain Modest Debt Expansion)