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China's economy transitioning not derailing: Davos experts

(Xinhua) Updated: 2016-01-22 08:21

China's economy transitioning not derailing: Davos experts

Jiang Jianqing, Chairman of the Industrial and Commercial Bank of China, attends the session 'Where Is the Chinese Economy Heading?' of the annual meeting of the World Economic Forum (WEF) in Davos, Switzerland January 21, 2016.[Photo/Agencies]
"China has reached the point of no return - the country needs to deepen reforms to avoid the middle-income trap," said Jiang Jianqing, Chairman of the Industrial and Commercial Bank of China.

"We can no longer depend on investment; we need to rely on innovation and economic reforms to deliver the next wave of economic growth," he explained.

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