Emerging economies need transformation

Translated from People’s Daily

The emerging economies’ growth is slowing down.

The uncertainties of the world economy pose more challenges to the emerging economies. The European debt crisis and global protectionism both hamper the recovery of emerging economies. And the West also magnifies the responsibilities of the developing countries intentionally.

Yet, past experience indicates the crisis also provides a good opportunity for an economic-structure transformation and an industry upgrade.

The developed economies today have also benefited from their successful transformations in history. No matter how fast the emerging economies are developing now, they should be aware of the necessity of economic transformation.

In fact, the global crisis has already forced them to take actions. Their growth should be more sustainable and balanced. They must choose the right starting point and set the proper speed for the transformation according to their own domestic situation.

If they can successfully realize the transformation, the landscape of world economy will be changed deeply.