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February 22, 2017

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Progressive and stable reform eyed

CHINA’S top leadership yesterday pledged to stick to the basic tone of “seeking progress while maintaining stability” in 2017, aiming for more progress from supply-side structural reform.

The pledge came from a meeting of the Political Bureau of the Communist Party of China Central Committee, during which attendees discussed the draft government work report, scheduled to be submitted to the upcoming fifth session of the 12th National People’s Congress. The meeting was chaired by Xi Jinping, general secretary of the CPC Central Committee.

The meeting highlighted the significance of 2017 as the 19th CPC National Congress will convene.

Acknowledging that China has started strongly for the 2016-2020 period, the meeting called for further efforts to balance multiple economic tasks in 2017, including stabilizing growth, advancing reforms, pushing restructuring, improving people’s livelihood and preventing risks.

At the macro level, China will implement proactive fiscal policies and prudent monetary policies, said a statement released after the meeting.

Reforms in key areas will be deepened, while the role of innovation will be boosted to facilitate economic upgrading, said the statement.

China will also intensify efforts to tap the potential of domestic demand and strengthen internal growth momentum.

Other tasks include pushing supply-side structural reform in the agriculture sector, widening opening-up, promoting green development and improving government services for people’s well-being.

The meeting came ahead of China’s annual two sessions in March, during which lawmakers and political advisors will gather in Beijing to discuss the social and economic policies for the year.


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