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September 10, 2016

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Supply-side reform for new normal

VICE Premier Zhang Gaoli yesterday urged supply-side reform in a bid to adapt to the current economic climate, or known as “new normal.”

The reform is a “major innovation” to meet new changes following the global financial crisis and an “inevitable choice” of China to fit into new economic circumstance that feature slower but higher quality growth, Zhang said during a meeting with senior officials.

Given a prolonged slowdown and entrenched economic problems, China’s policymakers are counting on structural reform to inject vitality into the economy.

Zhang called the reform as a “significant and urgent” matter.

He stressed five major tasks of the reform: cutting excess industrial capacity, reducing housing inventory, lowering corporate leverage, relieving corporate burden and fixing economic weaknesses.

Overcapacity cut in bloated steel and coal industries should be promoted, he said, adding that governments should make proper plans for laid-off workers and handling corporate debt.


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