China to Focus on Consumer-Driven Growth

At least one major economy does not seem to think austerity is the right solution. On Tuesday, outgoing Premier Wen Jiabao outlined China’s plan for the future. Wen argued that individual consumption, and moving away from the export-oriented model of the past, would not only give China a growth rate of 7.5 percent for 2013 but would help close the inequality gap. Wen also addressed the need for environmental reforms in the wake of widespread anger over the nation’s smog pollution problem.