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China needs to rebalance economy: World Bank chief

Sep 4, 2011, 11:03 p.m.
World Bank Chief Robert Zoellick gestures while speaking at the Asia Society's annual dinner in Sydney August 14, 2011. REUTERS/Tim Wimborne

BEIJING (Reuters) - China needs to rebalance its economy by boosting consumption since the country cannot rely on exports and investment alone to drive growth over the longer term, World Bank President Robert Zoellick said on Monday.

The United States, Europe and Japan face structural growth problems, and any failure by European governments to ward off a debt crisis could put pressures on European banks, Zoellick told reporters in Beijing where he is ending a five-day visit to China.

Zoellick is in the Chinese capital to lead a study on how China can keep growing its productivity and per capita national income in coming years.

(Reporting by Koh Gui Qing, Writing by Kevin Yao; Editing by Ken Wills)

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