China’s Economy Needs ‘Structural Change,’ Hang Lung Says

Hong Kong property tycoon Ronnie Chan said China’s economy needs “structural change” to encourage consumer spending and help the nation weather the global economic slowdown.

“Structurally, China’s economy must change and it’s changing,” Chan, chairman of Hang Lung Properties Ltd., said in an interview with Bloomberg Television in New York yesterday. “Personal consumption is one area that’s increasing, so in the coming five to 10 years that will be one of the main games.”