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BEIJING wholesale nike air max tn , Jan. 3 (Xinhua) -- The whole world says China needs to rebalance its economy, and the Chinese government agrees. But one economist now says: "Wait a minute."

And he is not a nobody. Yukon Huang is a prominent economist and the World Bank's former country director for China.

For the last few decades, China's economy has gone from strength to strength.

From experiencing double-digit growth, to riding out the Global Financial Crisis,it has survived to become the world's second biggest economy.

But despite its status as an economic powerhouse, China's economy is often labelled as unbalanced wholesale nike air max 90 , in terms of its disproportionate shares between investment and consumption.

Rather than redress the imbalance, Huang said China is on the right track.

In a recent interview with Xinhua, Huang said "rapid growth is essentially an unbalanced process."

"Unbalance is not the problem," Huang said. "The problem is to make sure that you invest in the right things."

In China, consumer spending in the first three quarters of 2013 made up 45.9 percent of the country's economic growth, while investment accounted for 55.8 percent wholesale nike air max 270 , according to the country's National Bureau of Statistics.

A senior associate at Carnegie Endowment for International Peace, Huang said while China's consumption is only about 35 percent of its domestic gross product, consumption shouldn't just be considered as a share of GDP.

"China's consumption, in real terms, adjusted for inflation, has been increasing for several decades wholesale new nike air max ," Huang said.

Co-editor of "Reshaping Economic Geography in East Asia" and "East Asia Visions", Huang has studied development of the world's economic juggernauts.

He said when the U.S. was industrializing over a century ago, it had "the most unbalanced growth process that we've ever seen".

When Japan, the Republic of Korea and Singapore were growing into high-income nations, sometimes at 9 or10 percent a year, he said their growth processes were unbalanced.

"So why should we think unbalanced growth is bad wholesale nike air max 2019 , when the growth processes of the successful countries have all been unbalanced," he said.

He warned prompting balance prematurely may actually incur stagnation.

"By the time they got to high income, their economies then became more balanced," he said.

If China grows at 7 percent a year, he predicted by 2020, the economy will begin to rebalance.

"But by then it will be a high-income country wholesale nike air max 2018 ," he said.

For Huang, growth is determined by two factors, investment and productivity - rather than consumption.

"If you invest properly, you build the capacity to produce; if you have technology and innovation, then your productivity increases," he said.

But Huang warned if China is to sustain annual growth of 7 percent for the rest of this decade wholesale nike air max cyber monday , it will need to re-direct its investment flow and address local government debt, racked up from massive public infrastructure projects and unpaid bank loans.

In order to promote productivity, he said China must boost investment in the private sector, which is usually more efficient than the public sector.

He also said China's continued urbanization program must be made more efficient by curbing wasteful spending on infrastructure.

LONDON, July 20 (Xinhua) -- Latest figures released Thursday show the largest annual rise in crimes recorded by British police in a decade.

The Office for National Statistics (ONS) said in the year ending March 2017, 11 million incidents of crime were recorded by the Crime Survey for England and Wales (CSEW).

It showed that during the year just over one in five people had been a victim of crime in 2016-2017. Excluding new experimental statistics on fraud and computer misuse wholesale nike air max free shipping , latest estimates from the CSEW showed there were 5.9 million incidents of crime covered by the survey, a 7-percent reduction compared with the previous year's survey.

But when fraud and computer misuse offences were included the figure climbed to an estimated 11 million incidents of crime. The higher figure included 3.4 million reports of fraud and 1.8 million computer misuse offences.

Police forces across England and Wales recorded nearly 5 million offences in the year ending March 2017, which represented an annual rise of 10 percent.

ONS said the increase is likely to reflect a range of factors, which vary by crime type, including continuing improvements to recording processes and practices, expanded offence coverage and also genuine increases in some crime types.

ONS said the likelihood of being a victim of crime (excluding fraud and computer misuse) has fallen considerably over time.

Xi calls for world-class military research wholesale nike air max black friday , educational institutions

Premier Li says China to open wider to world

1st China-U.S. Comprehensive Economic Dialogue held in Washington

China's ice breaker sets sail for Arctic rim expedition

23rd Summer Deaflympics opens in Samsun, Turkey

In pics: China's CH-5 drone completes trial flight

In pics: ethnic embroidery show in SW China's Yunnan

Chinese aircraft carrier formation conducts coordination training

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