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Print[Ferro-alloys.com]Professor Zhang Weiying of Guanghua School of Management, Peking University attended a forum in Dalian recently. He made the point that many enterprises would necessarily die and economy growth must slow down if China would like to realize actual transformation.
Prof. Zhang said the basic feature of economic development was that many new and good enterprises came out while old ones disappear one by one. More fierce the competition was, more adaptability enterprises needed. However, no enterprise could adapt to the environment continuously. A period of "creative destruction" was an inevitable part of any business cycle. An entrepreneur should never expect to keep his company alive forever.
In his opinion, current statistics, especially GDP was a relic of the planned economy. Abnormal rapid growth was unsustainable. Much statistics was forged for achievements in one's official career. It was a serious taboo to sacrifice long-term interest for immediate advantage. Unfortunately, most policies aimed to achieve immediate profit at the expense of future. The government should never again stimulate economy in haste. If China would truly want to make transformation, growth must slow down and many enterprises must be shut down in the short term.
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