There's only one conclusion Continuing to bolster labor-intensive production and exports is the only viable means for China to absorb its surplus labor and improve rural living standards.
More Quotes from Qu Hongbin:
It's a challenging task but that shouldn't be an excuse for China not starting on it right now.Qu Hongbin
Simply because as a matter of fact China still has plenty of rural surplus laborers and people are talking about a magnitude of more than 200 million - so you know from national-wide point of view, there is plenty of labor supply there.
Qu Hongbin
We need to read this with caution, this is largely a reflection of the Chinese New Year distortion, therefore we should not see it as a pick up in inflation.
Qu Hongbin
But if you have a big trade surplus it will give Western politicians an excuse or tool for them to put pressure on the currency.
Qu Hongbin
The government has to spend more on education, healthcare and pensions to take the burden off individuals and give them more confidence to spend.
Qu Hongbin
How Chinese exports perform is largely driven by external demand rather than the exchange rate,
Qu Hongbin
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