China will put the brakes on its economic bullet train (3)

"We will ensure that consumption, investment and export contribute to economic growth in a coordinated way," Hu said.
The key to stimulating domestic demand is to increase household income, which will promote consumption and encourage sustainable economic growth, said Xu Fengliang, senior researcher with the Chinese Academy of Social Sciences, a government think tank.
The new five-year plan aims to spread more wealth among China's 1.3 billion people, as a way of fostering domestic growth and creating a new driver for future economic expansion, said Chi Fulin, executive director of the China (Hainan) Institute for Reform and Development.
Since last year, 30 provinces and regions have raised minimum wages. In addition, China is likely to raise its threshold for individual income tax to between 2,500 and 3,000 yuan per month from the current 2,000 yuan, the China Business News reported, citing a source close to China's tax regulating body. The government may also cut the number of income tax brackets from nine down to five, according to the report.
"Only when people have their pockets full can economic development achieve sustainable momentum," said Zhang Yansheng, director of the National Development and Reform Commission's Research Institute of Foreign Economic Relations.
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