New economic model set to boost strength

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China will likely pursue a new economic model to drive a smooth transition in growth engines, potentially providing an alternative solution to the global challenge of low productivity growth, according to leading economists and executives. They said this approach features a greater play of market forces in resource allocation and technological innovation, but differs from the Western free-market paradigm, as it upholds a people-centered policy orientation and underlines top-level government design. By implementing the model, China could achieve around 5 percent annual economic growth over the coming five years, they said, with first-half growth results having shown that the country is positioned to navigate the property market correction and increased external uncertainties as new growth drivers flourish. "I think this is really very unique, what I will call the China model or China economic model," said Zhu Min, former deputy managing director of the International Monetary Fund and fo ………………………………