It will also be very important to promote fair competition and revitalize R&D investment, through the restraint of rent seeking and the easing of regulations, and to discover thereby new technologies and new engines of growth. The second task is to push ahead with economic rebalancing. We need to move from export-led growth to growth characterized by a balance between exports and domestic demand.
To boost domestic demand, we need to build a virtuous cycle between growth, employment, and domestic demand by actively nurturing SMEs and service businesses that contribute greatly to job creation. Macroeconomic policy can also be utilized to support the domestic demand expansion.