Economic rebalance biggest challenge for China: ADB president

BEIJING, March 22 (Xinhua) -- China's biggest economic challenge is the need to rebalance the economy in order to achievesustainable long-term growth, says Haruhiko Kuroda, president of Asian Development Bank (ADB).

"Rebalancing the economy is not only a key challenge for the whole world, but also the biggest challenge for China," said Kuroda in an interview with Xinhua on Sunday.

Kuroda, who is in Beijing to participate in the China Development Forum 2010, said China should speed up its economic restructuring and increase personal consumption to rebalance its economy.

"Sustaining long-term growth in China will require substantial economic restructuring," Kuroda said.

He said over-reliance on investment, exports, and industrial development in China had created imbalances and structural constraints.

Kuroda said to increase consumption, China should further develop services, which would play a major role in improving production efficiency, and promoting technical progress and innovation.