The First Deputy Managing Director of the International Monetary Fund: Market forces are the key to unlocking the next stage of growth in the Chinese economy.

Regarding the Chinese economy, Katz said that China's "Eleventh Five-Year Plan" will expand consumption as a major engine driving economic growth. He said that China needs to gradually shift resources from industry subsidies and infrastructure construction to more investment in social security system projects; and needs to stabilize the real estate market to enhance residents' confidence, thereby promoting more consumption and less savings. In addition, China also needs to shift the tax burden from the middle-income group that has already borne a high tax burden more towards the high-income group, while reducing tax breaks for businesses. Katz said that market forces are crucial for opening the next stage of China's economic growth. The government should create an institutional environment conducive to private sector innovation, and let market forces guide the flow of China's vast resources towards areas that can create the greatest value.