China needs to shift to a new growth model as its cost advantages begin to erode and overseas demand staggers, while cooperation with Japan in future-growth sectors will benefit both countries, Chinese officials and scholars said during a recent symposium in Tokyo.

Scholars from Shanghai Jiao Tong University, Chinese government officials and Japanese experts were taking part in a symposium on July 23 to discuss the prospect of bilateral cooperation to facilitate China's transition to a new economic model. The event was jointly organized by Keidanren (Japan Business Federation), the Keizai Koho Center and Shanghai Jiao Tong University.

China's success model driven by exports and inbound foreign investments will no longer be sustainable, and the country needs to establish a new growth strategy focusing on domestic demand and internationalization of its economy, said Zhang Yansheng, secretary general of the Academic Committee of the National Development and Reform Commission.