City to play key role in economic reform
Print Edition
SHANGHAI Mayor Yang Xiong told lawmakers yesterday that the city should play a leading role in China’s economic “new normal” and push forward reforms in the pilot free trade zone to serve as a model for others.
“This year is to conclude the 12th Five-Year Plan (2011-2015) period and start an age stressing the rule of law. It will be very important for the city to do a good job in both economic and social works,” Yang said.
“Shanghai’s industrial restructuring is still in progress ... the economic fundamentals remain solid, but the downward pressure may increase this year with accelerating reforms.”
Yang called on people to have a deep understanding of the state of new normal and adopt an active attitude to adjust to it and lead it. The new normal, a buzzword in China since the start of last year, refers to slower but more sustainable growth.
Yang said the pilot free trade zone will continue to be a core trial in the city’s reform and opening up process. The missions on this year’s agenda include further work on convertibility under the capital account, interest rate liberalization, opening the financial services sector to private firms and foreign investors, and improving financial regulations.
Yang also called for more administrative innovation, and speedier growth in commerce, trade, finance and shipping to boost the city’s competitiveness.
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